Company: BCDRF
Filing Date: 2025-10-31
Form Type: 424B5
Source: 0001193125-25-260533
Chunk: 134

Company: Banco Santander, S.A.
Filing Date: 2025-10-31
Form: 424B5
Chunk 134
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 securities of any series may be redeemable at the option of Banco Santander.

The contingent convertible capital securities of any series may be redeemable at the option of Banco Santander, in
whole but not in part, subject to the prior consent of the relevant Regulator, on the dates to be

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specified in the relevant prospectus supplement, at the Redemption Price per contingent convertible capital security and otherwise in accordance with Applicable Banking Regulations then in
effect. Under the CRR, the relevant Regulator will give its consent to a redemption of the contingent convertible capital securities of any series in such circumstances provided that either of the following conditions is met:

(i) on or before such redemption of the contingent convertible capital securities of such series, Banco Santander replaces the contingent
convertible capital securities of such series with instruments qualifying as Tier 1 Capital of an equal or higher quality on terms that are sustainable for the income capacity of Banco Santander; or

(ii) Banco Santander has demonstrated to the satisfaction of the relevant Regulator that its Tier 1 Capital and Tier 2 Capital and its
eligible liabilities would, following such redemption, exceed the requirements laid down in CRD IV and BRRD by a margin that the relevant Regulator considers necessary.

The contingent convertible capital securities of any series are also redeemable on or after the relevant issue date at the option of Banco
Santander in whole but not in part, at any time, at the Redemption Price (subject to the prior consent of the relevant Regulator and otherwise in accordance with Applicable Banking Regulations then in force) if there is a Capital Event or a Tax
Event.

It is not possible to predict whether or not a change in the laws or regulations of Spain, Applicable Banking Regulations or the
application or official interpretation thereof, will occur and so lead to the circumstances in which Banco Santander is able to elect to redeem the contingent convertible capital securities of any series, and if so whether or not Banco Santander
will elect to exercise such option to redeem the contingent convertible capital securities of such series. There can be no assurances that, in the event of any such early redemption, holders of contingent convertible capital securities of any series
will be able to reinvest the proceeds at a rate that is equal to the return on the contingent convertible capital securities of such series.

In the case of any early redemption of the contingent convertible capital securities of any series at the option of Banco Santander, Banco
Santander may exercise this option when its funding costs are lower