Company: BCDRF
Filing Date: 2025-10-31
Form Type: 424B5
Source: 0001193125-25-260533
Chunk: 172

Company: Banco Santander, S.A.
Filing Date: 2025-10-31
Form: 424B5
Chunk 172
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 lesser period as may be specified in the relevant prospectus supplement) (ending, in the case of the relevant securities which bear interest at a
floating rate, on a day upon which interest is payable) to the holders of the relevant securities in accordance with the terms described under “—Notices” below (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 securities of such series at their principal amount, together with any accrued and unpaid interest thereon to (but excluding) the date
fixed for redemption (the “Early Redemption Amount (TLAC/MREL Disqualification Event)”).

57

Redemption on the basis of a TLAC/MREL Disqualification Event 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 in force at the relevant time.

Early Redemption of Subordinated Debt Securities for a Capital Disqualification Event

Unless otherwise specified in the relevant prospectus supplement, if, in relation to subordinated debt securities of any series, there is a
Capital Disqualification Event, Banco Santander may, at its option and having given no less than five (5) nor more than 30 days’ notice (or such lesser period as may be specified in the relevant prospectus supplement) (ending, in the case
of subordinated debt securities which bear interest at a floating rate, on a day upon which interest is payable) to the holders of the subordinated debt securities of such series in accordance with the terms described under
“—Notices” below (which notice shall be irrevocable) and a concurrent copy thereof to the Trustee, redeem in whole but not in part the outstanding subordinated debt securities of such series in accordance with the
requirements of Applicable Banking Regulations in force at the relevant time) at their early capital disqualification event redemption amount (the “Early Redemption Amount (Capital Disqualification Event)”) (which shall be their
principal amount or such other Early Redemption Amount (Capital Disqualification Event) as may be specified in or determined in the relevant prospectus supplement), together with any accrued and unpaid interest thereon to (but excluding) the date
fixed for redemption; provided, however, that the Regulator consents to redemption of the subordinated debt securities of such series.

Redemption for a Capital Disqualification Event is subject to the