Company: BCDRF
Filing Date: 2025-10-31
Form Type: 424B5
Source: 0001193125-25-260533
Chunk: 113

Company: Banco Santander, S.A.
Filing Date: 2025-10-31
Form: 424B5
Chunk 113
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 amended) (the “CRA
Regulation”) from using credit ratings for regulatory purposes in the EEA, unless such ratings are issued by a credit rating agency established in the EU and registered under such regulation (and such registration has not been withdrawn or
suspended), subject to transitional provisions that apply in certain circumstances whilst the registration application is pending. Such general restriction will also apply in the case of credit ratings issued by third-country non-EEA credit rating agencies, unless the relevant credit ratings are endorsed by an EEA-registered credit rating agency or the relevant third-country rating agency is
certified in accordance with the CRA Regulation (and such endorsement action or certification, as the case may be, has not been withdrawn or suspended). Investors regulated in the United Kingdom are subject to similar restrictions under the CRA
Regulation as it forms part of UK domestic law by virtue of the European Union (Withdrawal) Act 2018 (the “UK CRA Regulation”). Certain information with respect to the credit rating agencies and ratings will be disclosed in the relevant
prospectus supplement.

The debt securities may not be a suitable investment for investors.

Prospective investors should determine whether an investment in any series of debt securities is appropriate in light of their own particular
circumstances after carefully considering, in conjunction with their legal, business and tax advisors, the consequences of an investment in the debt securities of such series and the other information set out in this prospectus and the relevant
prospectus supplement, to arrive at their own evaluation of the investment. Banco Santander does not make any recommendation as to whether any series of debt securities are a suitable investment for any person.

The debt securities of any series may be redeemed by Banco Santander prior to maturity.

The debt securities of any series may be redeemable at Banco Santander’s option in certain circumstances as described in this prospectus
and the relevant prospectus supplement. Banco Santander may choose to redeem the debt securities of such series at times when prevailing interest rates may be relatively low. In such circumstances, an investor may not be able to reinvest the
redemption proceeds in a comparable security at an effective interest rate as high as that of the relevant debt securities. The effective interest rate may even be significantly lower.

In addition, the ability to redeem the debt securities of any series is likely to limit the market value of the debt securities of such
series. During any period when Banco Santander may elect to redeem the debt securities of any series, the market value of the debt securities of