Company: BCDRF
Filing Date: 2025-01-08
Form Type: 424B5
Source: 0001193125-25-003514
Chunk: 69

Company: Banco Santander, S.A.
Filing Date: 2025-01-08
Form: 424B5
Chunk 69
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. We will
provide the specific terms of any series of these securities, and the manner in which they will be offered, in one or more supplements to this prospectus. Any supplement may also add, update or change information contained, or incorporated by
reference, into this prospectus. You should read this prospectus and the applicable prospectus supplement carefully before you invest in our securities.

You should read both this prospectus and the applicable prospectus supplement, together with the additional information described under the
headings “Where You Can Find More Information” and “Incorporation of Documents by Reference”, before investing in any of the securities described in the prospectus. The amount and price of the offered securities will be
determined at the time of the offering.

Investing in our securities involves risks. See “ Risk Factors ” beginning on page 7.

Neither the Securities and Exchange Commission nor any state securities commission has approved or disapproved of these securities or determined that this prospectus is truthful or complete. Any representation to the contrary is a criminal offense.

This prospectus may not be used to offer or sell any securities unless it is accompanied by a prospectus supplement.

The date of this prospectus is
May 16, 2023.

TABLE OF CONTENTS

|                                                                              |     | Page |     |
| About this Prospectus                                                        |     |      |   1 |
| Use of Proceeds                                                              |     |      |   2 |
| Banco Santander, S.A.                                                        |     |      |   2 |
| Summary of Risk Factors                                                      |     |      |   3 |
| Risk Factors                                                                 |     |      |   7 |
| Description of Debt Securities                                               |     |      |  48 |
| Description of Contingent Convertible Capital Securities                     |     |      |  75 |
| Description of Certain Provisions Relating to Debt Securities and Contingent 
 Convertible Capital Securities                                               |     |      | 123 |
| Description of Ordinary Shares                                               |     |      | 129 |
| Description of American Depositary Shares                                    |     |      | 130 |
| Taxation                                                                     |     |      | 136 |
| Benefit Plan Investor Considerations                                         |     |      | 166 |
| Plan of Distribution (Conflicts of Interest)                                 |     |      | 168 |
| Legal Opinions                                                               |     |      | 170 |
| Experts                                                                      |     |      | 170 |
| Enforcement of Civil Li