Company: BCDRF
Filing Date: 2025-10-31
Form Type: 424B5
Source: 0001193125-25-260533
Chunk: 193

Company: Banco Santander, S.A.
Filing Date: 2025-10-31
Form: 424B5
Chunk 193
---
 only to certain covenants in the relevant indentures (“covenant defeasance”). Any omission to comply with any obligations so released will not constitute a default or an Senior Preferred Debt Security Event of Default, Senior Non Preferred Debt Security Event of Default or Subordinated Debt Security Event of Default, as applicable, with respect to the debt securities of any series. In order to exercise either legal defeasance or covenant defeasance with respect to outstanding debt securities of or within any series:

| • |     | Banco Santander must irrevocably have deposited or caused to be deposited with the Trustee, in trust, money, in                                                                                                                                          
 U.S. dollars or in the foreign currency in which the debt securities of such series are payable at stated maturity, or U.S. government obligations or a combination of money and U.S. government obligations applicable to the debt securities of such   
 series which through the scheduled payment of principal and interest in accordance with their terms will provide money in an amount sufficient, without reinvestment, in the opinion of an internationally recognized firm of independent public         
 accountants expressed in written certification thereof delivered to the Trustee, to pay and discharge when due all of the principal, interest and any premium of the debt securities of such series and any mandatory sinking fund or analogous payments 
 thereon;                                                                                                                                                                                                                                                 |

| • |     | the legal defeasance or covenant defeasance must not result in a breach or violation of, or constitute a default                         
 under, the relevant indenture or any other material agreement or instrument to which Banco Santander is a party or by which it is bound; |

| • |     | no Senior Preferred Debt Security Event of Default, Senior Non Preferred Debt Security Event of Default or                                                                                                                                              
 Subordinated Debt Security Event of Default, as applicable, or event which, with notice or lapse of time, or both, would become an Senior Preferred Debt Security Event of Default, Senior Non Preferred Debt Security Event of Default or Subordinated 
 Debt Security Event of Default, as applicable with respect to the outstanding debt securities of such series may have occurred and be continuing on the date of the establishment of such a trust and, in the case of legal defeasance, at any time     
 during the period ending on the 91st day after such date;                                                                                                                                                                                               |

| • |     | Banco Santander must have delivered to the Trustee an opinion of counsel of recognized standing to the effect                                                                                                                                            
 that the beneficial owners of the debt securities of such series will not recognize income, gain or