Company: BCDRF
Filing Date: 2025-01-08
Form Type: 424B5
Source: 0001193125-25-003514
Chunk: 331

Company: Banco Santander, S.A.
Filing Date: 2025-01-08
Form: 424B5
Chunk 331
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 climate, environmental and social matters, as well as the evolving nature of underlying science and industry and governmental standards and regulations; |

| • |     | exposure to various market risks, principally including interest rate risk, foreign exchange rate risk, equity 
 price risk and risks associated with the replacement of benchmark indices;                                     |

| • |     | a worsening of the economic environment in Spain, the U.K., the U.S., other European countries, Brazil, other                                            
 Latin American countries and the other areas where we have significant operations or investments, and increase of the volatility in the capital markets; |

| • |     | the effects of a decline in real estate prices, particularly in Spain and the U.K.; |

| • |     | the effects of results of U.K. political developments, including the U.K.’s exit from the European Union; |

| • |     | monetary and interest rate policies of the European Central Bank and various central banks; |

| • |     | inflation or deflation; |

| • |     | the effects of non-linear market behavior that cannot be captured by 
 linear statistical models, such as the VaR model we use;             |

| • |     | changes in competition and pricing environments; |

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| • |     | the inability to hedge some risks economically; |

| • |     | changes in demographics, consumer spending, investment or saving habits; |

| • |     | changes in commodities and energy prices; |

| • |     | potential losses from early repayments on our loan and investment portfolio, declines in value of collateral 
 securing our loan portfolio, and counterparty risk; and                                                      |

| • |     | changes in competition and pricing environments as a result of the progressive adoption of the internet for 
 conducting financial services and/or other factors.                                                         |

Political and Governmental Factors

| • |     | political instability in Spain, the U.K., the U.S., other European countries, Brazil, other Latin American 
 countries and the other areas where we have significant operations or investments;                         |

| • |     | changes in Spanish, U.K., E.U., U.S., Latin American, or other jurisdictions’ legislation, regulations or 
 taxes, especially in view of the U.K. exit of the E.U.; and                                               |

| • |     | increased regulation in response to financial crises. |

Transaction and Commercial Factors

| • |     | damage to our reputation; |

| • |     | acquisitions or restructurings of businesses that may not perform