Company: BCDRF
Filing Date: 2025-10-31
Form Type: 424B5
Source: 0001193125-25-260533
Chunk: 225

Company: Banco Santander, S.A.
Filing Date: 2025-10-31
Form: 424B5
Chunk 225
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 in accordance with “—Notices” below, and to the Trustee at least five (5) Business Days prior to such date, unless a shorter notice period shall be satisfactory to the Trustee.

Any notice of redemption will state: the redemption date; that on the redemption date the Redemption Price will, subject to the satisfaction
of the conditions set forth in the contingent convertible capital securities indenture become due and payable upon each contingent convertible capital security being redeemed and that, subject to certain exceptions, Distributions will cease to
accrue on or after that date; the place or places where the contingent convertible capital securities are to be surrendered for payment of the Redemption Price; and the CUSIP, Common Code and/or ISIN number or numbers, if any, with respect to the
contingent convertible capital securities being redeemed.

If Banco Santander gives notice of redemption of the contingent convertible
capital securities of any series, then by 11:00 a.m. (CET) on the relevant redemption date, Banco Santander will:

(a)
irrevocably deposit with the Principal Paying Agent funds sufficient to pay the Redemption Price; and

(b) give the
Principal Paying Agent irrevocable instructions and authority to pay the Redemption Price to the holders.

If the notice of redemption has
been given on any series of contingent convertible capital securities, and the funds deposited and instructions and authority to pay given as required above, then on the date of such deposit:

(a) Distributions on the contingent convertible capital securities of such series shall cease to accrue;

(b) such contingent convertible capital securities of such series will no longer be considered outstanding; and

(c) the holders of contingent convertible capital securities of such series will no longer have any rights as holders except
the right to receive the Redemption Price.

Non-paymentof Redemption Price

If in connection with any series of contingent convertible capital securities either the notice of redemption has been given and the funds are
not deposited as required on the date of such deposit or if Banco Santander improperly withholds or refuses to pay the Redemption Price of the contingent convertible capital securities of such series, Distributions will continue to accrue, subject
as provided in “—Distributions” above, at the rate specified from the redemption date to (but excluding) the date of actual payment of the Redemption Price.

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Banco Santander may not give a notice of redemption pursuant to this section
“—Redemption and Repurchase” if a Trigger Event Notice has been given.