Company: BCDRF
Filing Date: 2025-10-31
Form Type: 424B5
Source: 0001193125-25-260533
Chunk: 54

Company: Banco Santander, S.A.
Filing Date: 2025-10-31
Form: 424B5
Chunk 54
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 in the nature of principal payable pursuant to the Base Indenture as amended and supplemented by the Third Supplemental Indenture, and “interest” shall include all amounts referred to as interest in this prospectus supplement and
the Base Indenture as supplemented by the Third Supplemental Indenture.

Except where the context requires otherwise, any reference in
this prospectus supplement and the accompanying prospectus to interest on a Note shall be deemed to include any Additional Amounts payable with respect thereto.

Redemption and Repurchase

Early Redemption for Taxation Reasons

If as a result of any change in, or amendment to, the laws or regulations of Spain or of any
political subdivision thereof or any authority or agency therein or thereof having power to tax or in the interpretation or administration of any such laws or regulations which becomes effective on or after the date of issue of the Notes of the
relevant series, Banco Santander shall determine that (a) Banco Santander would be required to pay Additional Amounts as set forth under “—Additional Amounts” or (b) Banco Santander would not be entitled to claim a
deduction in computing tax liabilities in Spain in respect of any interest to be paid on the next Interest Payment Date on the Notes of the relevant series or the value of such deduction to Banco Santander would be materially reduced or (c) the
applicable tax treatment of the Notes of the relevant series changes in a material way that was not reasonably foreseeable at the issue date, Banco Santander may, at its option and having given no less than five (5) nor more than 30 days’
notice (ending, in the case of the 2030 Floating Rate Notes, on a Floating Interest Payment Date) to the holders of the Notes of the relevant series in accordance with the terms set forth under “Description of Debt
Securities—Notices” in the accompanying prospectus (which notice shall be irrevocable) and a concurrent copy thereof to the Trustee, elect to redeem in whole, but not in part, the outstanding Notes of the relevant series, in accordance
with the requirements of Applicable Banking Regulations in force at the relevant time, at their early tax redemption amount, which shall be their principal amount, together with any accrued and unpaid interest thereon to (but excluding) the date
fixed for redemption; provided, however, that (i) in the case of (a) above, no such notice of redemption may be given earlier than 90 days prior (or,