Company: BCDRF
Filing Date: 2025-10-31
Form Type: 424B5
Source: 0001193125-25-260533
Chunk: 202

Company: Banco Santander, S.A.
Filing Date: 2025-10-31
Form: 424B5
Chunk 202
---
 pursuant to paragraph
(a) of the definition of “Dividend”, but a Dividend falling within paragraph (c) or (d) of the definition of “Dividend” shall be treated as being a Non-Cash Dividend;

“CET1 Capital” means at any time, the Common Equity Tier 1 Capital of Banco Santander or the Group, respectively, as calculated in
accordance with Chapter 2 (Common Equity Tier 1 Capital) of Title I (Elements of own funds) of Part Two (Own Funds and Eligible Liabilities) of the CRR and/or Applicable Banking Regulations at such time, including any applicable transitional,
phasing in or similar provisions;

“CET1 ratio” means, at any time, with respect to Banco Santander or the Group, as the case
may be, the ratio (expressed as a percentage) of the aggregate amount (in the Accounting Currency) of the CET1 Capital of Banco Santander or the Group, respectively, at such time divided by the Risk Weighted Assets Amount of Banco Santander or the
Group, respectively, at such time;

77

“Common Equity Tier 1 Instruments” means instruments qualifying as CET1 Capital. “Clearing System” means DTC or any of the European Clearing Systems, as applicable; “Clearing System Contingent Convertible Capital Securities” means, for so long as any contingent convertible capital securities of a series is represented by a global contingent convertible capital security held by or on behalf of a Clearing System, any particular Liquidation Preference of such series of the contingent convertible capital securities shown in the records of a Clearing System as being held by a holder of the contingent convertible capital securities of such series; “CNMV” means the Spanish Market Securities Commission ( Comisión Nacional del Mercado de Valores); “Common Shares” means ordinary shares in the capital of Banco Santander; “Conversion Price” means, on the Trigger Event Notice Date, if the Common Shares are:

| (a) | then admitted to trading on a Relevant Stock Exchange, the higher of: |

| (i) | the Current Market Price of a Common Share (converted into U.S. dollars at the Prevailing Rate, with respect to 
 any series of contingent convertible capital securities denominated in U.S. dollars);                           |

| (ii) | the Floor Price, subject to the adjustments in accordance with “—Anti-Dilution Adjustment of the 
 Floor Price” below; and                                                                          |

| (