Company: BCDRF
Filing Date: 2025-10-31
Form Type: 424B5
Source: 0001193125-25-260533
Chunk: 287

Company: Banco Santander, S.A.
Filing Date: 2025-10-31
Form: 424B5
Chunk 287
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 agreement. 134

Your Right to Receive the Ordinary shares Underlying your ADSs ADS holders have the right to cancel their ADSs and withdraw the underlying ordinary shares at any time except:

| • |     | when temporary delays arise because: (i) the depositary has closed its transfer books or we have closed our                                                            
 transfer books; (ii) the transfer of ordinary shares is blocked to permit voting at a shareholders’ meeting; or (iii) we are paying a dividend on our ordinary shares; |

| • |     | when you owe money to pay fees, taxes and similar charges; |

| • |     | when it is necessary to prohibit withdrawals in order to comply with any laws or governmental regulations that 
 apply to ADSs or to the withdrawal of ordinary shares or other deposited securities; or                        |

| • |     | when other circumstances specifically contemplated by Instruction I.A.(l) of the General Instructions to Form F-6 arise (as such General Instructions may be amended from time to time). |

This right of withdrawal may not be limited by any other provision of the deposit agreement. Shareholder Communications; Inspection of Register of Holders of ADSs The depositary shall make available for inspection by holders at its principal office any reports and communications, including any proxy soliciting materials, received from us which are both (a) received by the depositary, the custodian, or the nominee of either of them as the holder of the deposited property and (b) made generally available to the holders of such deposited property by us. The depositary shall also provide or make available to holders copies of such reports when furnished by us pursuant to the deposit agreement. The depositary shall keep books for the registration of ADSs which at all reasonable times shall be open for inspection by us and by the holders of such ADSs, provided that such inspection shall not be, to the depositary’s knowledge, for the purpose of communicating with holders of such ADSs in the interest of a business or object other than our business or other than a matter related to the deposit agreement or the ADSs. 135

TAXATION Spanish Taxation The following is a general description of material Spanish tax considerations relating to the holders who are the beneficial owners of the securities (the“ holders” , the“ investors” , the“ purchasers” or the“ shareholders” , as the case may be). It does not purport to be a complete analysis of all tax considerations relating to these securities. Prospective investors should consult their own tax advisors as