Company: BCDRF
Filing Date: 2025-10-31
Form Type: 424B5
Source: 0001193125-25-260533
Chunk: 79

Company: Banco Santander, S.A.
Filing Date: 2025-10-31
Form: 424B5
Chunk 79
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 copy of this prospectus supplement and the accompanying prospectus or any other document relating to the Notes in Italy except:

| (a) | to qualified investors (investitori qualificati), as defined pursuant to Article 2 of the Prospectus                                                                  
 Regulation and any applicable provision of Legislative Decree No. 58 of 24 February 1998, as amended (the “Financial Services Act”) and Italian CONSOB Regulation; or |

| (b) | in other circumstances which are exempted from the rules on public offerings pursuant to Article 1 of the                                                                                      
 Prospectus Regulation, Article 100 of the Financial Services Act, Article 34-ter of CONSOB Regulation No. 11971 of 14 May 1999, as amended from time to time, and the applicable Italian laws. |

Moreover, and subject to the foregoing, any such offer, sale or delivery of the Notes or distribution of copies of this prospectus supplement and the accompanying prospectus or any other document relating to the Notes in the Republic of Italy under (a) or (b) above must be:

| (i) | made by an investment firm, bank or financial intermediary permitted to conduct such activities in the Republic                                                                                                       
 of Italy in accordance with the Financial Services Act, CONSOB Regulation No. 20307 of 15 February 2018 (as amended from time to time) and Legislative Decree No. 385 of 1 September 1993 (the “Banking Act”), all as 
 amended from time to time; and                                                                                                                                                                                        |

| (ii) | in compliance with Article 129 of the Banking Act, as amended from time to time, and the implementing 
 guidelines of the Bank of Italy, as amended from time to time; and                                    |

| (iii) | in compliance with any other applicable laws and regulations or requirement imposed by CONSOB or any other 
 Italian authority.                                                                                         |

Notice to Prospective Investors in Japan The Notes have not been and will not be registered for a public offering in Japan pursuant to Article 4, Paragraph 1 of the Financial Instruments and Exchange Act of Japan (Act No. 25 of 1948, as amended (the “FIEA”)). Accordingly, the Notes may not be offered or sold directly or indirectly, in Japan or to, or for the benefit of, any resident of Japan (which term as used herein means any person resident in Japan, including any corporation or other entity organized under the laws of Japan), or