Company: BCDRF
Filing Date: 2025-01-08
Form Type: 424B5
Source: 0001193125-25-003514
Chunk: 332

Company: Banco Santander, S.A.
Filing Date: 2025-01-08
Form: 424B5
Chunk 332
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 in accordance with our expectations and our                                                                                                         
 ability to integrate successfully our acquisitions and related challenges that result from the inherent diversion of management’s focus and resources from other strategic opportunities and operational matters; and |

| • |     | the outcome of our negotiations with business partners and governments. |

Operating Factors

| • |     | the adequacy of loss reserves; |

| • |     | potential losses associated with an increase in the level of impairment by counterparties to other types of 
 financial instruments;                                                                                      |

| • |     | technical difficulties and/or failure to improve or upgrade our information technology; |

| • |     | changes in our access to liquidity and funding on acceptable terms, including as a result of credit spread shifts 
 or downgrades in our credit ratings or those of our more significant subsidiaries;                                |

| • |     | our exposure to operational losses (e.g., failed internal or external processes, people and systems); |

| • |     | changes in our ability to recruit, retain and develop appropriate senior management and skilled personnel; |

| • |     | the occurrence of force majeure, such as natural disasters, epidemics and pandemics, including the covid-19 pandemic, that impact our operations or impair the asset quality of our loan portfolio; |

| • |     | the impact of changes in the composition of our balance sheet on future interest income / (charges); and |

| • |     | potential losses associated with cyberattacks. |

Other factors could also adversely affect our results or the accuracy of forward-looking statements in this prospectus, and you should not consider the factors discussed here or in the Group’s 2022 Annual Report or any 173

of its interim reports filed on Form 6-K incorporated by reference herein, to be a complete set of all potential risks or uncertainties.

The forward-looking statements made in this prospectus speak only as of the date of this prospectus. We do not intend to publicly update or
revise these forward-looking statements to reflect events or circumstances after the date of this prospectus, and we do not assume any responsibility to do so. You should, however, consult any further disclosures of a forward-looking nature we made
in other documents filed with the SEC that are incorporated by reference into this prospectus.

174

$2,000,000,000 Banco Santander, S.A. $1,000,000,000 5.565% Senior Non Preferred Fixed Rate Notes due 2030 $1,000,000,000