Company: BCDRF
Filing Date: 2025-10-31
Form Type: 424B5
Source: 0001193125-25-260533
Chunk: 15

Company: Banco Santander, S.A.
Filing Date: 2025-10-31
Form: 424B5
Chunk 15
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 under the Notes are subject to the Bail-in Power. |

| “Senior Higher Priority Liabilities” means the unsubordinated and unsecured obligations (créditos ordinarios) of Banco Santander, other than the Senior Non Preferred Liabilities. |

| “Senior Non Preferred Liabilities” means any unsubordinated and unsecured senior non preferred obligations (créditos ordinarios no preferentes) of Banco Santander under Additional Provision                   
 14.2 of Law 11/2015 (including the Notes) and any other obligations which, by law and/or by their terms, and to the extent permitted by Spanish law, rank pari passu with the Senior Non Preferred Liabilities. |

| “Spanish Insolvency Law” means the restated text of the Spanish Insolvency Law (Ley Concursal) approved by the Royal Decree-Legislative 1/2020, of 5 May, as amended or replaced from time to time. |

| As of September 30, 2025, Banco Santander had outstanding €73.372 billion of unsubordinated indebtedness, including €37.743 billion of Senior Higher Priority Liabilities and                    
 €35.629 billion of Senior Non Preferred Liabilities (including the senior non preferred debt securities issued by Banco Santander prior to the entrance into force of Royal Decree-Law 11/2017). |

S-4

| See “Description of Debt Securities—Status of the Debt Securities—Senior Non Preferred Debt Securities” in the accompanying prospectus. |

| Agreement and Acknowledgement with Respect to the Exercise of the 
 Bail-in Power                                                     | Notwithstanding any other term of the Notes or any other agreements, arrangements, or understandings between Banco Santander and any holder of the Notes, by its acquisition of the Notes, each holder (which, for the purposes of this clause, 
 includes each holder of a beneficial interest in the Notes) acknowledges, accepts, consents to and agrees:                                                                                                                                      |

| (i) | to be bound by the effect of the exercise of the Bail-in Power by the                                             
 Relevant Resolution Authority, which may include and result in any of the following, or some combination thereof: |

| • |     | the reduction of all, or a portion, of the Amounts Due on a permanent basis; |

| • |     | the conversion of all, or a portion, of the Amounts Due into Common Equity Tier 1 Instruments, other securities                                                                                                                                          
 or other obligations of Banco Santander or another person (