Company: BCDRF
Filing Date: 2025-10-31
Form Type: 424B5
Source: 0001193125-25-260533
Chunk: 131

Company: Banco Santander, S.A.
Filing Date: 2025-10-31
Form: 424B5
Chunk 131
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 and depends on a number of factors, many of which are outside of Banco Santander’s control. For example, the occurrence of one or more of the risks described under “Risk Factors” in Banco Santander’s Annual
Report on Form 20-F for the year ended December 31, 2022, or the deterioration of the circumstances described therein, could substantially increase the likelihood of the occurrence of the Trigger Event.
Furthermore, the occurrence of the Trigger Event depends, in part, on the calculation of the CET1 ratio, which can be affected, among other things, by the growth of the business and future earnings of Banco Santander and/or the Group, as applicable;
expected payments by Banco Santander in respect of dividends and Distributions and other equivalent payments in respect of instruments ranking junior to the contingent convertible capital securities of any series as well as other Parity Securities;
regulatory changes (including possible changes in regulatory capital definitions, calculations and risk weighted assets), changes in Banco Santander’s structure or organization and Banco Santander’s ability to actively manage the risk
weighted assets of Banco Santander and the Group and changes in applicable accounting rules, or any changes to regulatory adjustments which modify the regulatory capital impact of accounting rules.

The CET1 ratio of Banco Santander and/or the Group at any time may also depend on decisions taken by the Group in relation to its businesses
and operations, as well as the management of its capital position. Banco Santander will have no obligation to consider the interests of the holders of the contingent convertible capital securities in connection with the strategic decisions of the
Group, including in respect of capital management. Holders of the contingent convertible capital securities will not have any claim against Banco Santander or any other member of the Group relating to decisions that affect the business and
operations of the Group, including its capital position, regardless of whether they result in the occurrence of a Trigger Event. Such decisions could cause holders of the contingent convertible capital securities to lose all or part of the value of
their investment in the contingent convertible capital securities.

In addition, since the relevant Regulator may require Banco Santander
to calculate the CET1 ratio at any time, the Trigger Event could occur at any time. Due to the inherent uncertainty in determining whether the Trigger Event may exist, it will be difficult to predict when, if at all, the contingent convertible
capital securities of any series will be converted into Common Shares. Accordingly, trading behavior in respect of the contingent convertible capital securities of any series is not necessarily expected to follow trading