Company: BCDRF
Filing Date: 2025-10-31
Form Type: 424B5
Source: 0001193125-25-260533
Chunk: 126

Company: Banco Santander, S.A.
Filing Date: 2025-10-31
Form: 424B5
Chunk 126
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ander and/or the Group. The risk of any cancellation (in whole or in part) of Distributions on the
contingent convertible capital securities may not, therefore, be possible to predict in advance and any such cancellation of Distributions on the contingent convertible capital securities could occur without warning.

Finally, as explained above, a breach of the “combined buffer requirement” when considered in addition to the applicable minimum
TLAC/MREL requirements (Article 16bis of Law 11/2015) or a breach of the leverage ratio buffer (Article 48ter of Law 10/2014) could also result in a requirement to determine a Maximum Distributable Amount.

Under the terms of the contingent convertible capital securities of any series, holders of contingent convertible capital securities of such series shall have agreed to be bound by the exercise of any Spanish Bail-inPower or Non-ViabilityLoss Absorption by the Relevant Resolution Authority.

Pursuant to Article 46 of Law 11/2015, which implements Article 55 of the BRRD and Article 52 of CRR, subject to limited
exceptions, unsecured liabilities of an institution governed by the laws of a third-country (which include the contingent convertible capital securities of any series) must contain a contractual acknowledgment whereby the holders recognize that such
liability may be subject to the Spanish Bail-in Power and Non-Viability Loss Absorption and agree to be bound by the exercise of those powers by the Relevant Resolution
Authority.

Notwithstanding any other term of the contingent convertible capital securities of any series or any other agreements,
arrangements, or understandings between Banco Santander and any holder of the contingent convertible capital securities of any series, by its acquisition of the contingent convertible capital securities of any series, each holder (which, for the
purposes of this clause, includes each holder of a beneficial interest in the contingent convertible capital securities of any series) acknowledges, accepts, consents to and agrees to be bound by the exercise of any Spanish Bail-in Power or any Non-Viability Loss Absorption by the Relevant Resolution Authority that may result in the write-down or cancellation of all or a portion of the Amounts
Due on the contingent convertible capital securities and/or the conversion of all or a portion of the Amounts Due on the contingent convertible capital securities into shares or other securities or other obligations of Banco Santander or another
person, including by means of a variation to the terms of the contingent convertible capital securities to give effect to the exercise by the Relevant Resolution Authority of such powers