Company: BCDRF
Filing Date: 2025-10-31
Form Type: 424B5
Source: 0001193125-25-260533
Chunk: 87

Company: Banco Santander, S.A.
Filing Date: 2025-10-31
Form: 424B5
Chunk 87
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 Our growth, asset quality and profitability, among others, may be adversely affected by a slowdown in one or more 
 of the economies in which we operate, as well as volatile macroeconomic and political conditions.                 |

| • |     | The war in Ukraine could materially affect our financial position and increase our operational risk. |

| • |     | The global covid-19 pandemic has materially impacted our business, and                                                                                                                                                                          
 the continuance of this pandemic or any future outbreak of any other highly contagious diseases or other public health emergency, could materially and adversely impact our business, financial condition, liquidity and results of operations. |

| • |     | The UK’s withdrawal from the European Union has led to disruptions in our                                           
 UK-based operations that could have a material adverse effect on our operations, financial condition and prospects. |

Risks relating to our business Legal, regulatory and compliance risks for our business model

| • |     | We are exposed to risk of loss from legal and regulatory proceedings. |

| • |     | We are subject to extensive regulation and regulatory and governmental oversight, to potential action by any of                                       
 our regulators or supervisors and to review by tax authorities, any of which could adversely affect our business, operations and financial condition. |

| • |     | We may not be able to detect or prevent money laundering and other financial crime activities fully or on a 
 timely basis, which could expose us to additional liability and could have a material adverse effect on us. |

| • |     | Changes in taxes and other assessments may adversely affect us. |

Credit risks

| • |     | The credit quality of our loan portfolio may deteriorate and our loan loss reserves could be insufficient to 
 cover our loan losses, which could have a material adverse effect on us.                                     |

| • |     | The value of the collateral securing our loans may not be sufficient, and we may be unable to realize the full 
 value of the collateral securing our loan portfolio.                                                           |

| • |     | We are subject to counterparty risk in our banking business. |

Operational and technology risks

| • |     | Any failure to improve or upgrade our information technology infrastructure and information management systems in                                                                                
 an effective, timely and cost-effective manner, including in response to new or modified cybersecurity and data privacy laws, rules and regulations, could have a material adverse effect on us. |

3

| • |     | Data breaches and other security incidents with respect to our or our third-party vendors’ systems could     
 adversely affect