Company: BCDRF
Filing Date: 2025-10-31
Form Type: 424B5
Source: 0001193125-25-260533
Chunk: 343

Company: Banco Santander, S.A.
Filing Date: 2025-10-31
Form: 424B5
Chunk 343
---
; |

| • |     | monetary and interest rate policies of the European Central Bank and various central banks; |

| • |     | inflation or deflation; |

| • |     | the effects of non-linear market behavior that cannot be captured by 
 linear statistical models, such as the VaR model we use;             |

| • |     | changes in competition and pricing environments; |

172

| • |     | the inability to hedge some risks economically; |

| • |     | changes in demographics, consumer spending, investment or saving habits; |

| • |     | changes in commodities and energy prices; |

| • |     | potential losses from early repayments on our loan and investment portfolio, declines in value of collateral 
 securing our loan portfolio, and counterparty risk; and                                                      |

| • |     | changes in competition and pricing environments as a result of the progressive adoption of the internet for 
 conducting financial services and/or other factors.                                                         |

Political and Governmental Factors

| • |     | political instability in Spain, the U.K., the U.S., other European countries, Brazil, other Latin American 
 countries and the other areas where we have significant operations or investments;                         |

| • |     | changes in Spanish, U.K., E.U., U.S., Latin American, or other jurisdictions’ legislation, regulations or 
 taxes, especially in view of the U.K. exit of the E.U.; and                                               |

| • |     | increased regulation in response to financial crises. |

Transaction and Commercial Factors

| • |     | damage to our reputation; |

| • |     | acquisitions or restructurings of businesses that may not perform in accordance with our expectations and our                                                                                                         
 ability to integrate successfully our acquisitions and related challenges that result from the inherent diversion of management’s focus and resources from other strategic opportunities and operational matters; and |

| • |     | the outcome of our negotiations with business partners and governments. |

Operating Factors

| • |     | the adequacy of loss reserves; |

| • |     | potential losses associated with an increase in the level of impairment by counterparties to other types of 
 financial instruments;                                                                                      |

| • |     | technical difficulties and/or failure to improve or upgrade our information technology; |

| • |     | changes in our access to liquidity and funding on acceptable terms, including as a result of credit spread shifts 
 or downgrades in our credit ratings or those of our more significant subsidiaries;                                |

| • |