Company: BCDRF
Filing Date: 2025-10-31
Form Type: 424B5
Source: 0001193125-25-260533
Chunk: 90

Company: Banco Santander, S.A.
Filing Date: 2025-10-31
Form: 424B5
Chunk 90
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 rights under the securities and may adversely affect the Group’s business, financial performance and capital plans. |

| • |     | The securities provide for limited or no events of default, contain a waiver of                                                                      
 set-off rights, may be redeemed by Banco Santander prior to maturity and may be subject to substitution and/or variation without a holder’s consent. |

| • |     | The securities may not be a suitable investment for investors. |

| • |     | There is no restriction under the relevant indentures on the amount or type of further securities or indebtedness 
 which Banco Santander may incur.                                                                                  |

| • |     | The debt securities of any series are not bank deposits and are not insured or guaranteed by the Federal Deposit 
 Insurance Corporation, the Deposit Insurance Fund, or any other government agency.                               |

| • |     | Banco Santander will be restricted from making payments of Distributions on the contingent convertible capital 
 securities in certain circumstances and may cancel any Distributions in whole or in part at any time.          |

| • |     | The contingent convertible capital securities are irrevocably and mandatorily convertible into newly issued 
 Common Shares in certain prescribed circumstances.                                                          |

| • |     | 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.                                                               |

5

| • |     | The contingent convertible capital securities have no scheduled maturity and no fixed redemption date and are not 
 investment grade.                                                                                                 |

| • |     | Holders of the contingent convertible capital securities of any series have limited anti-dilution protection. |

| • |     | Holders of contingent convertible capital securities of any series may be obliged to make a takeover bid in case 
 of the Trigger Event if they take delivery of Common Shares.                                                     |

6

RISK FACTORS

Prospective investors should consider carefully the risk factors incorporated by reference into this prospectus and as set out below as well as the other information set out elsewhere in this prospectus (including any other documents incorporated by reference herein) and reach their own views prior to making any investment decision with respect to any of the securities described in this prospectus.

Set out below and incorporated by reference herein are certain risk factors which could have a material adverse effect on Banco Santander’s and the Group’s business, operations, financial condition or prospects and cause future results to be materially different from expected results. Banco Santander’s results could also be affected by competition and other