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

Company: Banco Santander, S.A.
Filing Date: 2025-10-31
Form: 424B5
Chunk 31
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, eligibility criteria applicable to the transactions used to calculate SOFR, or
timing related to the publication of SOFR. In addition, the administrator may alter, discontinue or suspend calculation or dissemination of SOFR (in which case an alternative rate referenced in the definition of “Benchmark Replacement”
will apply). The administrator has no obligation to consider your interests in calculating, adjusting, converting, revising or discontinuing SOFR. For purposes of the formula used to calculate the amount of interest payable on the 2030 Floating Rate
Notes, SOFR in respect of a particular date will not be adjusted for any modifications, corrections or amendments to SOFR data that the administrator of SOFR may publish after SOFR for such day has been determined as set forth herein.

If a Benchmark Transition Event and its related Benchmark Replacement Date occur with respect to Compounded SOFR (including daily SOFR), the interest rate on the 2030 Floating Rate Notes for any applicable Interest Period will no longer be determined by reference to Compounded SOFR.

If a Benchmark Transition Event and its related Benchmark Replacement Date (as such terms are defined herein) occur with respect to Compounded
SOFR (including daily SOFR), then the interest rate on the 2030 Floating Rate Notes for any applicable Interest Period will no longer be determined by reference to Compounded SOFR, but instead will be determined by us or our designee by reference to
another rate, as set forth under “Description of the Notes—The 2030 Floating Rate Notes”. The composition and characteristics of any Benchmark Replacement (as defined herein) may not be the same as Compounded SOFR (including
daily SOFR) and there can be no guarantee that any Benchmark Replacement will be a comparable substitute for Compounded SOFR (including daily SOFR). The occurrence of a Benchmark Transition Event and its related Benchmark Replacement Date and the
implementation of a Benchmark Replacement may adversely affect the value of and your return on the 2030 Floating Rate Notes.

The Benchmark Replacement is uncertain.

The 2030 Floating Rate Notes provide that the floating rate of interest on the notes will be
determined by reference to Compounded SOFR or another rate pursuant to the definition of “Benchmark Replacement” set forth under “Description of the Notes—The 2030 Floating Rate Notes”. If each alternative rate
referenced in the definition of “Benchmark Replacement” is unavailable or indeterminable, we or our designee will determine the Benchmark Replacement that will apply to the 2030 Floating Rate Notes. The substitution