Company: BCDRF
Filing Date: 2025-06-03
Form Type: 6-K
Source: 0000950103-25-006866
Chunk: 1

Company: Banco Santander, S.A.
Filing Date: 2025-06-03
Form: 6-K
Chunk 1
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5 (the “Capital Reduction”). The implementation of the Capital Reduction, which
was approved at the Bank’s ordinary general shareholders’ meeting held on 4 April 2025 on second call under item 6 A of the
agenda, has taken place at the meeting of the executive committee of the Bank held on 2 June 2025.

As a result of the Capital Reduction, Banco Santander’s share
capital has been reduced by EUR 133,583,475 through the cancellation of the aforementioned 267,166,950 own shares, each with a nominal
value of EUR 0.5. Consequently, the Bank’s share capital has been set at EUR 7,442,662,686 represented by 14,885,325,372 shares,
all of them of the same class and series.

The purpose of the Capital Reduction is the cancellation of the own
shares acquired under the Buy-back Programme, contributing to the remuneration of the Bank’s shareholders by increasing the profit
per share, which is inherent to the decrease in the number of shares. The Capital Reduction does not entail the return of contributions
to shareholders since the Bank is the owner of the cancelled shares.

It is expected that a reserve for amortised capital be created with
a charge to the share premium reserve for an amount equal to the nominal value of the cancelled shares (EUR 133,583,475), which may only
be used under the same conditions as those required for the reduction of the share capital, pursuant to the provisions of Article 335
c) of the Spanish Companies Law. Consequently, in accordance with the provisions of such Article, the Bank’s creditors will not
be afforded the right of objection referred to in Article 334 of the same Law.

For purposes of the provisions of Article 411 of the Spanish Companies
Law and in accordance with Additional Provision One of Law 10/2014 of 26 June on the organisation, supervision and solvency of credit
institutions, it is hereby stated for the record that, as the Bank is a credit institution and the other requirements set forth in the
aforementioned Additional Provision are met, the consent of the bondholder syndicates for the outstanding debenture and bond issues is
not required for the implementation of the reduction.

The announcements of the Capital Reduction will be published in the
Official Gazette of the Spanish Commercial Registry and on the Bank’s corporate website (www.santander.com)
in the coming days.

Thereafter, the public deed regarding the