Company: BCDRF
Filing Date: 2025-01-08
Form Type: 424B5
Source: 0001193125-25-003514
Chunk: 26

Company: Banco Santander, S.A.
Filing Date: 2025-01-08
Form: 424B5
Chunk 26
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 the Second Supplemental Indenture related to the ranking of the Notes, shall be governed by and construed in accordance with Spanish law.    |

| Risk Factors | You should carefully consider all of the information in this prospectus supplement and the accompanying prospectus, which includes information incorporated by reference. In particular, you should evaluate the specific factors under “Risk                                                          
 Factors” beginning on page S-13 of this prospectus supplement, page 7 of the accompanying prospectus, as well as those discussed under the heading “Risk Factors” in the Group’s                                                                                                                       
 Annual Report on Form 20-F for the year ended December 31, 2023, and under the heading “Part 2. Supplemental Information—Item 4. Risk Factors” in the Group’s Report on Form 6-K filed with the SEC on July 26, 2024 (Accession No. 0000891478-24-000092), which are incorporated by reference in this 
 prospectus supplement, for risks involved with an investment in the Notes.                                                                                                                                                                                                                             |

| Concurrent Tender Offers | Substantially concurrently with this offering, we commenced tenders offers to purchase for cash certain series of our outstanding senior preferred and senior non preferred fixed rate notes (the “Concurrent Tender Offers”). There can be 
 no assurance that the Concurrent Tender Offers will be completed. Settlement of this offering is not conditioned upon the completion of the Concurrent Tender Offers or vice versa.                                                         |

| This prospectus supplement does not constitute an offer to buy or the solicitation of an offer to sell any securities subject to the Concurrent Tender Offers. |

S-12

RISK FACTORS

Before purchasing the Notes, you should consider carefully the information under the heading “Risk Factors” in the Group’s Annual Report on Form 20-Ffor the year ended December31, 2023 and under the heading “Part 2. Supplemental Information—Item 4. Risk Factors” in the Group’s Report on Form 6-Kfiled with the SEC on July26, 2024 (Accession No.0000891478-24-000092),which are incorporated by reference herein. The Notes are also subject to the risks identified in the accompanying prospectus under the headings “Risks Relating to the Securities,” “Risks Relating to the Debt Securities” and “Risks Related to the Senior Non Preferred Debt Securities.” You should also carefully consider the other information included in this prospectus supplement, the accompanying prospectus and other information