Company: BCDRF
Filing Date: 2025-10-31
Form Type: 424B5
Source: 0001193125-25-260533
Chunk: 32

Company: Banco Santander, S.A.
Filing Date: 2025-10-31
Form: 424B5
Chunk 32
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 of a Benchmark
Replacement for Compounded SOFR may adversely affect the value of and your return on the 2030 Floating Rate Notes.

S-17

We or our designee will have authority to make determinations, elections, calculations and adjustments that could affect the value of and your return on the 2030 Floating Rate Notes.

We or our designee will make
determinations, decisions, elections, calculations and adjustments as set forth under “Description of the Notes—The 2030 Floating Rate Notes” below that may adversely affect the value of and your return on the 2030 Floating
Rate Notes. In particular, we or our designee will determine the Benchmark Replacement and the Benchmark Replacement Adjustment (as defined herein) and can apply any Benchmark Replacement Conforming Changes (as defined herein) deemed reasonably
necessary to adopt the Benchmark Replacement. Although we or our designee will exercise judgment in good faith when performing such functions, potential conflicts of interest may exist between us, our designee and you. All determinations, decisions,
elections, calculations and adjustments by us or our designee in our or its sole discretion will be conclusive for all purposes and binding on us and holders of the notes absent manifest error. In making the determinations, decisions, elections,
calculations and adjustments noted under the section entitled “Description of the Notes—The 2030 Floating Rate Notes” below, we or our designee may have economic interests that are adverse to your interests, and
such determinations, decisions, elections, calculations and adjustments may adversely affect the value of and your return on the notes. Because the Benchmark Replacement is uncertain, we or our designee are likely to exercise more discretion in
respect of calculating interest payable on the 2030 Floating Rate Notes than would be the case in the absence of a Benchmark Transition Event and its related Benchmark Replacement Date.

The secondary trading market for the 2030 Floating Rate Notes linked to SOFR may be limited.

Since SOFR is a relatively new benchmark rate, the 2030 Floating Rate Notes may have no established trading market when issued and an
established trading market may never develop or may not be very liquid. Market terms for debt securities linked to SOFR (such as the 2030 Floating Rate Notes) such as the spread may evolve over time and, as a result, trading prices of the 2030
Floating Rate Notes may be lower than those of later-issued debt securities that are linked to SOFR. Similarly, if SOFR does not prove to