Company: BCDRF
Filing Date: 2025-10-31
Form Type: 424B5
Source: 0001193125-25-260533
Chunk: 108

Company: Banco Santander, S.A.
Filing Date: 2025-10-31
Form: 424B5
Chunk 108
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 if necessary, so
as to give effect to—the exercise of any Spanish Bail-in Power and, in the case of subordinated debt securities, any Non-Viability Loss Absorption by the Relevant
Resolution Authority.

For these purposes, the “Amounts Due” are the principal amount of, premium, if any, together with any
accrued but unpaid interest, and Additional Amounts, if any, due on the debt securities of any series. References to such amounts will include amounts that have become due and payable, but which have not been paid, prior to the exercise of the
Spanish Bail-in Power by the Relevant Resolution Authority.

Any Spanish Bail-in Power or Non-Viability Loss Absorption may be exercised in such a manner as to result in holders of debt securities of the relevant series losing the value of all or a
part of their investment in the securities of such series or receiving a different security from the securities of such series, which may be worth significantly less than the securities of such series and which have significantly fewer protections
than those typically afforded to those kinds of securities. Moreover, the Relevant Resolution Authority may exercise its authority to implement the Spanish Bail-in Power or
Non-Viability Loss Absorption without providing any advance notice to the holders of the debt securities of such series. For more information, see “Description of Debt Securities—Agreement and Acknowledgement with Respect to the Exercise of the Bail-inPower.”

Holders of the debt securities of any series are likely to have limited rights to challenge the exercise of the Spanish Bail-inPower or Non-ViabilityLoss Absorption by the Relevant Resolution Authority.

Law 11/2015 contains certain safeguards for creditors in respect of the application of the capital
instruments write-down and conversion power and the bail-in tool.

With respect to the capital
instruments write-down and conversion power, the Relevant Resolution Authority will exercise such power in accordance with the priority of claims under normal insolvency proceedings such that Common Equity Tier 1 Instruments will be written down
before Additional Tier 1 Instruments and Tier 2 Instruments, successively, are written down or converted into Common Equity Tier 1 Instruments.

In accordance with Article 48 of Law 11/2015 (and subject to any exclusions that may be applied by the Relevant Resolution Authority under
Article 43 of Law 11/2015), in the case of any application of the Spanish Bail-in Power, the sequence of any resulting write-down or conversion by the Relevant Resolution Authority shall be as follows:
(i) Common