Company: BCDRF
Filing Date: 2025-01-08
Form Type: 424B5
Source: 0001193125-25-003514
Chunk: 27

Company: Banco Santander, S.A.
Filing Date: 2025-01-08
Form: 424B5
Chunk 27
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 incorporated by reference herein and therein. Each of the risks described in these documents could materially and adversely affect our business, financial condition, results of operations and prospects, or could result in a partial or complete loss of your investment. See “Where You Can Find More Information” in the accompanying prospectus.

Risks Relating to the Notes

The following discussion supplements the information under the heading “Risk Factors” in the accompanying prospectus.

There are limitations to our gross-upobligation on the Notes.

Our obligation to pay Additional Amounts in respect of any withholding or deduction in respect of taxes on the Notes of any series applies only
to payments of interest and not to payments of principal or premium, as described under “Description of the Notes—Additional Amounts.” Therefore, we will not be required to pay any Additional Amounts on the Notes of any series
with respect to any withholding or deduction applied to payments of principal or amounts payable on redemption. Accordingly, if any such withholding or deduction were to apply to any payments of principal or redemption amounts on the Notes of any
series, holders of Notes of such series may receive less than the full amount due under the Notes of such series, and the market value of the Notes of any series may be adversely affected.

S-13

USE OF PROCEEDS

The net proceeds from the sale of the Notes are expected to amount to approximately $1.99 billion, after the deduction of the underwriting
discount stated on the cover of this prospectus supplement and expenses incurred in connection with this offering (estimated to be an aggregate of approximately $1.2 million). Additionally, the Underwriters have agreed to reimburse us for
approximately $0.2 million of such expenses.

We intend to use the net proceeds from the sale of the Notes for general corporate purposes.

S-14

CAPITALIZATION OF THE GROUP The following table sets forth the Group’s indebtedness and capitalization as of September 30, 2024, included in the Group’s unaudited condensed consolidated interim financial statements as of September 30, 2024, in accordance with IFRS-IASB on an actual basis and as adjusted to reflect the issuance of the Notes (converting the principal amount of the Notes into euros at the European Central Bank reference rate for euro at September 30, 2024, of $1.1196 per €1.00). This table should be read in conjunction with the Group’s unaudited condensed consolidated interim financial statements as of September 30,