Banco Santander, S.A. Share Capital Reduction Following Buy-back Programme Completion

Banco Santander, S.A. has announced the completion of its share buy-back programme, resulting in a reduction of its share capital by approximately 1.32%. The bank acquired 196,005,870 own shares, reaching the maximum investment of EUR 1,700 million. This capital reduction, approved by the European Central Bank and the bank's shareholders, led to a reduction of EUR 98,002,935 in share capital through the cancellation of these shares. Consequently, the bank's share capital has been adjusted to EUR 7,344,659,751, represented by 14,689,319,502 shares. The purpose of this reduction is to enhance shareholder value by increasing earnings per share. The bank has created a reserve for amortised capital and stated that the consent of bondholder syndicates is not required for this reduction. Announcements regarding the capital reduction will be published in the Official Gazette of the Spanish Commercial Registry and on the bank's corporate website. The delisting of the cancelled shares from stock exchanges and the cancellation of book-entry records will also be requested. The bank also reported the last transactions executed under the buy-back programme between December 18 and 22, 2025.