Company: BCDRF
Filing Date: 2025-01-08
Form Type: 424B5
Source: 0001193125-25-003514
Chunk: 81

Company: Banco Santander, S.A.
Filing Date: 2025-01-08
Form: 424B5
Chunk 81
---
 point of non-viability of a group is the point at which the group infringes or there are objective elements to
support a determination that the group, in the near future, will infringe its consolidated solvency requirements in a way that would justify action by the Relevant Resolution Authority in accordance with Article 38.3 of Law 11/2015. Non-Viability Loss Absorption may be imposed prior to or in combination with any exercise of the Spanish Bail-in Power or any other resolution tool or power (where the
conditions for resolution referred to above are met).

Any application of the Spanish Bail-in
Power and the Non-Viability Loss Absorption shall be in accordance with the hierarchy of claims in normal insolvency proceedings (unless otherwise provided by Applicable

9

Banking Regulations). Accordingly, the impact of such application on holders will depend on the ranking of the relevant securities in accordance with such hierarchy, including any priority given
to other creditors such as depositors.

Potential investors in the securities of any series should consider the risk that a holder may
lose all or part of its investment if Banco Santander became the subject of a resolution process (or, in the case of investors in the subordinated debt securities or contingent convertible capital securities of any series, in the event that loss
absorption were required by the SRB to avoid a resolution process of Banco Santander and a loss absorption measure was taken with respect to the securities of such series in accordance with Chapter VI of Law 11/2015).

There is no active trading market for the securities.

Securities issued pursuant to this prospectus (other than Banco Santander’s ordinary shares) will be new securities which may not be
widely distributed and for which there is currently no active trading market and no active trading market may develop. If securities of any series are traded after their initial issuance, they may trade at a discount to their initial offering price,
depending on a number of factors, including: prevailing interest rates, the number of holders of such series of securities, the market for similar securities, general economic conditions and the financial condition of Banco Santander and Banco
Santander’s credit ratings published by credit rating agencies, the interest of securities dealers in making a market for such series of securities and the introduction or amendment of any financial transaction tax. Although Banco Santander may
submit applications to list any series of securities on recognized stock exchanges, there is no assurance that such applications will be accepted, that any particular series of securities will be so admitted or that an