Company: BCDRF
Filing Date: 2025-10-31
Form Type: 424B5
Source: 0001193125-25-260533
Chunk: 125

Company: Banco Santander, S.A.
Filing Date: 2025-10-31
Form: 424B5
Chunk 125
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| • |     | payments made earlier in the year will reduce the remaining Maximum Distributable Amount available                                                                                                                                                       
 for payments later in the year, and Banco Santander will have no obligation to preserve any portion of the Maximum Distributable Amount for payments scheduled to be made later in a given year. Even if Banco Santander attempts to do so, there can be 
 no assurance that it will be successful, as the Maximum Distributable Amount at any time depends on the amount of net income earned during the course of the relevant year, which will necessarily be difficult to predict.                              |

These and other possible interpretation issues (including any changes in the Applicable Banking Regulations) make it difficult to determine how the Maximum Distributable Amount will apply as a practical matter to limit Distributions on the contingent convertible capital securities. This uncertainty and the resulting complexity may adversely impact the market price and liquidity of the contingent convertible capital securities. Whether Distributions on the contingent convertible capital securities may be subject to a Maximum Distributable Amount as a result of a breach of the “combined buffer requirement” will depend, among other things, on the applicable capital requirements, the amount of CET1 Capital and the “distributable profits” of Banco Santander and/or the Group, as applicable, which can be affected by, among other things, regulatory developments, management decisions taken by the Group, and other such considerations similar to those discussed above in relation to the circumstances that may give rise to a Trigger Event. See “— The circumstances that may give rise to the Trigger Event are inherently unpredictable and may be caused by factors outside of Banco Santander’s control. Banco Santander has no obligation to operate its business in such a way, or take any mitigating actions, to maintain or restore its CET1 ratio to avoid a Trigger Event and any actions Banco Santander may take now or in the future could result in its CET1 ratio failing” below. The holders of the contingent convertible capital securities will not have any claim against Banco Santander or any other member of the Group in relation to any such decision. 27

Furthermore, any determination of the capital of Banco Santander and/or the Group and the
compliance by Banco Santander and/or the Group with the respective capital requirements that may be imposed from time to time will involve consideration of a number of factors any one or combination of which may not be easily observable or capable
of calculation by the holders of the contingent convertible capital securities and some of which may also be outside of the control of Banco Sant