Company: BCDRF
Filing Date: 2025-10-31
Form Type: 424B5
Source: 0001193125-25-260533
Chunk: 231

Company: Banco Santander, S.A.
Filing Date: 2025-10-31
Form: 424B5
Chunk 231
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” means an amount per Ordinary Share that is consistent with the dividend policy of Banco Santander as applied or to be applied for a period or projected period of at least three years. (ii) If and whenever Banco Santander shall pay or make any Non-CashDividend to Shareholders, the Floor Price shall be adjusted by multiplying the Floor Price in force immediately prior to the Effective Date by the following fraction: where:

| A | is the Current Market Price of one Common Share on the Effective Date; and |

| B | is the portion of the Fair Market Value of the aggregate Non-Cash                                                                                                                                          
 Dividend attributable to one Common Share, with such portion being determined by dividing the Fair Market Value of the aggregate Non-Cash Dividend by the number of Common Shares entitled to receive the  
 relevant Non-Cash Dividend (or, in the case of a purchase, redemption or buy back of Common Shares or any depositary or other receipts or certificates representing Common Shares by or on behalf of Banco 
 Santander or any member of the Group, by the number of Common Shares in issue                                                                                                                              |

96

| immediately following such purchase, redemption or buy back, and treating as not being in issue any Common Shares, or any Common Shares represented by depositary or other receipts or 
 certificates, purchased, redeemed or bought back).                                                                                                                                     |

Such adjustment shall become effective on the Effective Date or, if later, the first date upon which the Fair Market Value of the relevant Non-CashDividend is capable of being determined as provided herein. “Effective Date” means, in respect of this sub-paragraph(ii), the first date on which the Common Shares are traded ex-therelevant Dividend on the Relevant Stock Exchange or, in the case of a purchase, redemption or buy back of Common Shares or any depositary or other receipts or certificates representing Common Shares by or on behalf of Banco Santander or any member of the Group, the date on which such purchase, redemption or buy back is made (or, in any such case if later, the first date upon which the Fair Market Value of the relevant Dividend is capable of being determined as provided herein) or in the case of a Spin-Off,the first date on which the Common Shares are traded ex-therelevant Spin-Offon the Relevant Stock Exchange. (iii) For the purposes of the above, Fair Market Value shall (subject as provided in paragraph (a) of the definition of “Dividend” and in the definition of “Fair Market Value”) be determined