<?xml version="1.0" encoding="UTF-8"?>
<edgarSubmission xmlns="http://www.sec.gov/edgar/npx" xmlns:com="http://www.sec.gov/edgar/common">
  <!--Generated by Workiva-->
  <headerData>
    <submissionType>N-PX</submissionType>
    <filerInfo>
      <registrantType>IM</registrantType>
      <liveTestFlag>LIVE</liveTestFlag>
      <filer>
        <issuerCredentials>
          <cik>0000891478</cik>
          <ccc>XXXXXXXX</ccc>
        </issuerCredentials>
      </filer>
      <flags>
        <overrideInternetFlag>false</overrideInternetFlag>
        <confirmingCopyFlag>false</confirmingCopyFlag>
      </flags>
      <periodOfReport>06/30/2025</periodOfReport>
    </filerInfo>
  </headerData>
  <formData>
    <coverPage>
      <yearOrQuarter>YEAR</yearOrQuarter>
      <reportCalendarYear>2025</reportCalendarYear>
      <reportingPerson>
        <name>Banco Santander, S.A.</name>
        <phoneNumber>034615900262</phoneNumber>
        <address>
          <com:street1>Ciudad Grupo Santander</com:street1>
          <com:street2>Boadilla del Monte</com:street2>
          <com:city>Madrid</com:city>
          <com:stateOrCountry>U3</com:stateOrCountry>
          <com:zipCode>28660</com:zipCode>
        </address>
      </reportingPerson>
      <agentForService>
        <name>Banco Santander, S.A., New York Branch</name>
        <address>
          <com:street1>437 Madison Ave.,</com:street1>
          <com:city>New York</com:city>
          <com:stateOrCountry>NY</com:stateOrCountry>
          <com:zipCode>10022</com:zipCode>
        </address>
      </agentForService>
      <reportInfo>
        <reportType>INSTITUTIONAL MANAGER NOTICE REPORT</reportType>
        <noticeExplanation>REPORTING PERSON DID NOT EXERCISE VOTING</noticeExplanation>
        <confidentialTreatment>N</confidentialTreatment>
      </reportInfo>
      <fileNumber>028-04177</fileNumber>
      <reportingSecFileNumber>001-12518</reportingSecFileNumber>
      <leiNumber>5493006QMFDDMYWIAM13</leiNumber>
      <explanatoryInformation>
        <explanatoryChoice>Y</explanatoryChoice>
        <explanatoryNotes>Banco Santander S.A. (the Bank) has investment discretion on private banking securities on behalf of clients, though such clients do not delegate voting authority to the Bank. The Bank also has securities in a propriety portfolio, with respect to which it has a policy not to exercise voting authority.</explanatoryNotes>
      </explanatoryInformation>
    </coverPage>
    <summaryPage>
      <otherIncludedManagersCount>0</otherIncludedManagersCount>
    </summaryPage>
    <signaturePage>
      <reportingPerson>Banco Santander, S.A.</reportingPerson>
      <txSignature>Jose Galiana</txSignature>
      <txPrintedSignature>Jose Galiana</txPrintedSignature>
      <txTitle>Deputy Chief Accounting Officer</txTitle>
      <txAsOfDate>07/29/2025</txAsOfDate>
    </signaturePage>
  </formData>
</edgarSubmission>
