Company: BCDRF
Filing Date: 2025-10-31
Form Type: 424B5
Source: 0001193125-25-260533
Chunk: 111

Company: Banco Santander, S.A.
Filing Date: 2025-10-31
Form: 424B5
Chunk 111
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Redemption and Repurchase—Early Redemption of Subordinated Debt Securities for a Capital Disqualification Event”. In
addition, any change in law or regulation that results in Banco Santander having to pay additional amounts to holders of debt securities of any

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series, or results in certain other tax consequences including (but not limited to) Banco Santander not being entitled to claim a deduction for Spanish tax purposes in respect of interest
payments (or the value of such deduction to us being materially reduced), could trigger a tax event, which may entitle Banco Santander to redeem the debt securities of such series, in whole (but not in part) as more particularly described under
“Description of Debt Securities—Redemption and Repurchase—Early Redemption for Taxation Reasons”.

It is
not possible to predict whether or not a change in the laws or regulations of Spain, Applicable Banking Regulations or the application or official interpretation thereof, will occur and so lead to the circumstances in which Banco Santander is able
to elect to redeem the debt securities of any series, and if so whether or not Banco Santander will elect to exercise such option to redeem the debt securities of such series. There can be no assurances that, in the event of any early redemption,
holders of debt securities of any series will be able to reinvest the proceeds at a rate that is equal to the return on the debt securities of such series.

Any legislative and regulatory uncertainty could also affect holders’ ability to accurately value the debt securities of any series and
therefore affect the trading price of the debt securities of such series given the extent and impact on the debt securities of such series that one or more regulatory or legislative changes, including those described under “—The circumstances under which the Relevant Resolution Authority would exercise its Spanish Bail-inPower or Non-ViabilityLoss Absorption are currently uncertain”
and “—Holders of the debt securities of any series are likely to have limited rights to challenge the exercise of the Spanish Bail-inPower or Non-ViabilityLoss Absorption by the Relevant Resolution Authority”, could have on the debt securities of such series.

Changes in law may adversely affect Banco Santander’s future effective tax rates.

There are a number of factors that may adversely impact Banco Santander’s future effective tax rates, such as: (i) the
jurisdictions in which our profits are determined to be earned and taxed; (ii) changes in the valuation of our deferred tax assets and liabilities; (iii) adjustments to provisional taxes upon finalization of various tax returns;