Company: BCDRF
Filing Date: 2025-10-31
Form Type: 424B5
Source: 0001193125-25-260533
Chunk: 71

Company: Banco Santander, S.A.
Filing Date: 2025-10-31
Form: 424B5
Chunk 71
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 Tax Considerations—Taxation of Debt Securities” as if it appeared therein.

If any Spanish tax is imposed on a disposition of a Note, Treasury regulations generally provide that the tax will not be creditable against a
U.S. Holder’s U.S. federal income tax liability. However, the Internal Revenue Service released notices that indicate that the Treasury Department and the Internal Revenue Service are considering amendments to these Treasury regulations and
provide relief from certain of their provisions for taxable years ending before the date that a notice or other guidance withdrawing or modifying the temporary relief is issued (or any later date specified in such notice or other guidance). However,
because any gain from dispositions of debt securities will generally be U.S. source, even if these Treasury regulations will not deny a U.S. Holder’s right to claim foreign tax credit with respect to Spanish taxes on disposition gains, other
limitations under the foreign tax credit rules may preclude a U.S. Holder from claiming a foreign tax credit with respect to these taxes, if any. If a U.S. Holder is precluded from claiming a foreign tax credit, it is possible that the Spanish tax
may either be deductible or reduce the amount realized on the disposition. U.S. Holders should consult their tax advisors regarding the creditability or deductibility of any Spanish tax on disposition gains in their particular circumstances,
including any applicable limitations.

S-43

UNDERWRITING (CONFLICTS OF INTEREST) We and Barclays Capital Inc., BofA Securities, Inc., Jefferies LLC, J.P. Morgan Securities LLC, Mizuho Securities USA LLC, Santander US Capital Markets LLC and UBS Securities LLC (the “Representatives”), acting on behalf of the underwriters for the offering named below (the “Underwriters”) have entered into an underwriting agreement with respect to the Notes. Subject to certain terms and conditions, we have agreed to sell to the Underwriters and each of the Underwriters has severally, and not jointly, agreed to purchase the respective principal amounts of the Notes indicated opposite such Underwriter’s name in the following table.

| Underwriters                     |     | Principal Amount     
 of the 2030 Floating 
 Rate Notes           |             |     | Principal Amount  
 of the 2030 Fixed 
 Rate Notes        |               |     | Principal Amount  
 of the 2035 Fixed 
 Rate Notes        |               |
|:---------------------------------|:----|:---------------------|------------:|:----|:------------------|--------------:|:----|