Company: BCDRF
Filing Date: 2025-10-31
Form Type: 424B5
Source: 0001193125-25-260533
Chunk: 140

Company: Banco Santander, S.A.
Filing Date: 2025-10-31
Form: 424B5
Chunk 140
---
 Santander” above). The ability of Banco Santander to redeem or repurchase the contingent convertible
capital securities of any series is subject to Banco Santander satisfying certain conditions as described under “Description of Contingent Convertible Capital Securities—Redemption and Repurchase”. There can be no assurance
that holders of convertible capital securities of any series will be able to reinvest the amount received upon redemption and/or repurchase at a rate that will provide the same rate of return as their investment in the convertible capital securities
of such series.

Therefore, holders of the contingent convertible capital securities of any series have no ability to cash in their
investment, except:

(i) if Banco Santander exercises its rights to redeem or repurchase the contingent convertible capital securities of
such series in accordance with “Description of Contingent Convertible Capital Securities—Redemption and Repurchase”; or

(ii) by selling the contingent convertible capital securities of such series or, following the occurrence of the Trigger Event and the issue
and delivery of Common Shares or, if the holder elects, ADSs, in accordance with “Description of Contingent Convertible Capital Securities—Conversion Upon Trigger Event”, their Common Shares or ADSs, provided a secondary
market exists at the relevant time for the contingent convertible capital securities of such series, the Common Shares or the ADSs.

Holders of the contingent convertible capital securities of any series have limited anti-dilution protection.

The number of Common Shares to be issued and delivered on Trigger Conversion in respect of each contingent convertible capital security of any
series shall be determined by dividing the Liquidation Preference of such contingent convertible capital security by the Conversion Price in effect on the Trigger Event Notice Date. The Conversion Price will be, if the Common Shares are then
admitted to trading on a Relevant Stock

36

Exchange, the higher of: (a) the Current Market Price of a Common Share, converted into U.S. dollars at the Prevailing Rate, (b) the Floor Price and (c) the nominal value of a
Common Share at the time of conversion, converted into U.S. dollars at the Prevailing Rate, or, if the Common Shares are not then admitted to trading on a Relevant Stock Exchange, the higher of (b) and (c) above. See “Description of Contingent Convertible Capital Securities—Conversion Price” regarding the Conversion Price.

The Floor Price will be
adjusted in the event that there is a consolidation, reclassification/redesignation or subdivision affecting the Common Shares,