Company: BCDRF
Filing Date: 2025-01-08
Form Type: 424B5
Source: 0001193125-25-003514
Chunk: 73

Company: Banco Santander, S.A.
Filing Date: 2025-01-08
Form: 424B5
Chunk 73
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ate and our loan loss reserves could be insufficient to 
 cover our loan losses, which could have a material adverse effect on us.                                     |

| • |     | The value of the collateral securing our loans may not be sufficient, and we may be unable to realize the full 
 value of the collateral securing our loan portfolio.                                                           |

| • |     | We are subject to counterparty risk in our banking business. |

Operational and technology risks

| • |     | Any failure to improve or upgrade our information technology infrastructure and information management systems in                                                                                
 an effective, timely and cost-effective manner, including in response to new or modified cybersecurity and data privacy laws, rules and regulations, could have a material adverse effect on us. |

3

| • |     | Data breaches and other security incidents with respect to our or our third-party vendors’ systems could     
 adversely affect our business or reputation, and create significant legal, regulatory or financial exposure. |

| • |     | We rely on third parties and affiliates for important products and services. |

Liquidity and funding risks

| • |     | Liquidity and funding risks are inherent in our business and could have a material adverse effect on us. |

| • |     | Credit, market and liquidity risk may have an adverse effect on our credit ratings and our cost of funds. |

Market risks

| • |     | Our financial results are constantly exposed to market risk. We are subject to fluctuations in interest rates and 
 other market risks, which may materially and adversely affect us and our profitability.                           |

| • |     | We are subject to market, operational and other related risks associated with our derivative transactions that 
 could have a material adverse effect on us.                                                                    |

| • |     | Market conditions have resulted and could result in material changes to the estimated fair values of our 
 financial assets.                                                                                        |

Risks related to our industry

| • |     | Goodwill impairments may be required in relation to acquired businesses. |

| • |     | Changes in our pension liabilities and obligations could have a material adverse effect on us. |

| • |     | We depend in part on dividends and other funds from subsidiaries. |

| • |     | Increased competition may adversely affect our results of operations. |

| • |     | We may be unable to successfully manage organic and inorganic growth and to execute our strategic actions. |

| • |     | We may not effectively manage risks associated with the replacement or reform of benchmark indices. |

Risk management

|