Company: BCDRF
Filing Date: 2025-01-08
Form Type: 424B5
Source: 0001193125-25-003514
Chunk: 74

Company: Banco Santander, S.A.
Filing Date: 2025-01-08
Form: 424B5
Chunk 74
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 • |     | We may fail to successfully implement and continue to improve our risk management policies. |

Model risk

| • |     | We rely on models for many of our decisions, which may be inaccurately or incorrectly used. |

General risks Risks related to our industry

| • |     | Climate change can create transition risks, physical risks, and other risks that could adversely affect us. |

| • |     | The financial problems faced by our customers could adversely affect us. |

| • |     | Our ability to maintain our competitive position depends, in part, on the success of new products and services we                                             
 offer our customers and on our ability to offer products and services that meet the customers’ needs during the whole life cycle of the products or services. |

| • |     | We rely on recruiting, retaining and developing appropriate senior management and skilled personnel. |

| • |     | Damage to our reputation could cause harm to our business prospects. |

| • |     | We engage in transactions with our subsidiaries or affiliates that others may not consider to be on an arm’s-length basis. |

Reporting and control risks

| • |     | Changes in accounting standards could impact reported earnings. |

4

| • |     | Our financial statements are based in part on assumptions and estimates which, if inaccurate, could cause 
 material misstatement of the results of our operations and financial position.                            |

| • |     | Disclosure controls and procedures over financial and non-financial 
 reporting may not prevent or detect all errors or acts of fraud.    |

Foreign private issuer and other risks

| • |     | Our corporate disclosure may differ from disclosure regularly published by other issuers of securities. |

| • |     | Investors may find it difficult to enforce civil liabilities against us or our directors and officers. |

| • |     | Holders of ADSs will have different shareholders’ rights than do shareholders of other companies and may be 
 subject to additional risks related to holding ADSs rather than shares.                                     |

Risks relating to the Securities

| • |     | Holders of any series of securities may experience a loss in their investment in the event Banco Santander 
 becomes subject to a resolution process under Law 11/2015.                                                 |

| • |     | Law 11/2015 enables a range of actions that could materially affect the value of any securities. |

| • |     | There is no active trading market for the securities. |

| • |     | The securities of any