Company: BCDRF
Filing Date: 2025-02-28
Form Type: 20-F
Source: 0000891478-25-000054
Chunk: 239

Company: Banco Santander, S.A.
Filing Date: 2025-02-28
Form: 20-F
Chunk 239
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 be converted into newly-issued shares if the CET1 ratio falls below a predetermined threshold). This authorization was used for the two CCPS issues carried out in 2024.

• Capital increases approved for contingent conversion of CCPS : We issued contingent convertible preferred securities that qualify as regulatory Additional Tier 1 (AT1) instruments and would be converted into newly-issued shares if the CET1 ratio fell below a predetermined threshold. Each issue was backed by a capital increase approved under the authorization granted to the board by shareholders in force at the time of the CCPS issue.

The chart below shows the outstanding CCPS at the time of this report, with details about the capital increase resolutions that back them. Those capital increases are, therefore, contingent and have been delegated to the board of directors. The board is authorized to issue additional CCPS and other convertible securities and instruments in accordance with a resolution passed at the 2023 AGM that allows convertible instruments and securities to be issued for up to EUR 10 billion or an equivalent amount in another currency (under this authorization, two CCPS issues were executed in 2023 and two in 2024). Any capital increase resulting from the conversion of shares and other convertible instruments will occur according to the capital increase authorization made at the time those instruments were issued.

| Issues of contingent convertible preferred securities (CCPS) |     |                   |     |                                           |     |                                    |     |                                               |
| Date of issuance                                             |     | Nominal amount    |     | Discretionary remuneration per annum      |     | Conversion predetermined threshold |     | Maximum numberof shares in caseof conversionA |
| 19/03/2018                                                   |     | EUR 1,500 million |     | 4.75% for the first 7 years               |     | If, at any time, the CET1 ratio of 
    Banco Santander or the Group is 
                  lower than 5.125% |     |                                   416,666,666 |
| 14/01/2020                                                   |     | EUR 1,500 million |     | 4.375% for the first 6 years              |     |                        604,594,921 |     |                                               |
| 06/05/2021                                                   |     | USD 1,000 million |     | 4.75% for the first 6 years               |     |                        391,389,432 |     |                                               |
| 06/05/2021