Company: BCDRF
Filing Date: 2025-10-31
Form Type: 424B5
Source: 0001193125-25-260533
Chunk: 56

Company: Banco Santander, S.A.
Filing Date: 2025-10-31
Form: 424B5
Chunk 56
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 without limitation, in accordance with Articles 77 and 78a of the CRR) in force at the relevant time. No Additional Redemption Events Other than as set forth under (i) “ —Early Redemption for Taxation Reasons,” (ii) “ Description of Debt Securities—Redemption and Repurchase—Early Redemption of Senior Debt Securities for a TLAC/MREL Disqualification Event” in the accompanying prospectus, and (iii) “ —Clean-upRedemption,” Banco Santander may not redeem the Notes of any series. Notice of Redemption See “ Description of Debt Securities— Redemption and Repurchase— Notice of Redemption” in the accompanying prospectus. Repurchase of Notes Banco Santander and any of its subsidiaries or any third party designated by any of them, may only purchase Notes of any series in the open market or otherwise and at any price in accordance with Applicable Banking Regulations (including, without limitation, in accordance with Articles 77 and 78a of the CRR) in force at the relevant time and will be subject to Supervisory Permission, as required. Events of Default and Defaults; Limitation of Remedies If any of the following events occurs and is continuing with respect to the Notes of any series, it shall constitute an Event of Default with respect to the Notes of such series (an “Event of Default”):

| (i) | Non-payment: default is made in the payment of any interest or                                              
 principal due in respect of the Notes of such series and such default continues for a period of seven days. |

| (ii) | Winding up: any order is made by any competent court or resolution passed for the winding up or                                                                                                    
 liquidation of Banco Santander (for avoidance of doubt, any reconstruction or amalgamation or a merger or spin-off or any other structural modification (modificación estructural), subject to the 
 terms under “Description of Debt Securities—Substitution of Issuer” in the accompanying prospectus will not be considered as a winding up Event of Default).                                       |

S-34

Under the terms of the Base Indenture, as amended and supplemented by the Third Supplemental
Indenture, no exercise of a resolution tool or resolution power by the Relevant Resolution Authority or any action in compliance therewith shall constitute an Event of Default.

If an Event of Default with respect to the Notes of any series occurs as set forth in paragraph (i) above, then the Trustee or the
holders of at least 25% in outstanding principal amount of the Notes of such