Company: BCDRF
Filing Date: 2025-01-08
Form Type: 424B5
Source: 0001193125-25-003514
Chunk: 114

Company: Banco Santander, S.A.
Filing Date: 2025-01-08
Form: 424B5
Chunk 114
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 Event.

Therefore, in the event of the occurrence of the Trigger Event, the Current Market Price of a Common Share may be below the Floor Price and
investors could receive Common Shares at a time when the market price of the Common Shares is considerably less than the Conversion Price. In addition, there may be a delay in a holder of contingent convertible capital securities receiving its
Common Shares following the Trigger Event, during which time the market price of the Common Shares may fall further. As a result, the value of the Common Shares received on conversion following the Trigger Event could be substantially lower than the
price paid for the contingent convertible capital securities at the time of their purchase.

Following the conversion of contingent
convertible capital securities into Common Shares, the principal amount of the contingent convertible capital securities will not be restored in any circumstances (including where the relevant Trigger Event ceases to continue), no further interest
will accrue or be payable on the contingent convertible capital securities at any time thereafter and the holders of the contingent convertible capital securities shall have no recourse to Banco Santander for any further payment in respect of the
contingent convertible capital securities (subject to the right of the holders to receive the relevant number of Common Shares from the Settlement Shares Depository).

If a Trigger Event occurs, holders of the contingent convertible capital securities will only have the claims under their Common Shares.
Claims in respect of Common Shares would be the most junior-ranking in the event of a winding-up or liquidation of Banco Santander. Claims in respect of Common Shares are not for a fixed principal amount, but
rather are limited to a share of the surplus assets (if any) remaining following payment of all amounts due in respect of the liabilities of Banco Santander.

Accordingly, an investor in the contingent convertible capital securities of any series faces almost the same risk of loss as an investor in
the Common Shares in the event of the Trigger Event. See also “—Holders of the contingent convertible capital securities of any series will bear the risk of fluctuations in the price of the Common Shares and/or movements in any ratio that could give rise to the occurrence of the Trigger Event. Holders of the contingent convertible capital securities of any series will also bear the risk of changes in the U.S. dollar and euro exchange rate.” below.

A capital reduction may take place in accordance with the Spanish Companies Act.

In accordance with Article 418.3 of the Spanish Companies Act, in the event that Banco Santander intends to approve a capital reduction by
reimbursement of contributions (