Company: BBVXF
Filing Date: 2025-01-08
Form Type: 424B5
Source: 0001193125-25-003393
Chunk: 91

Company: BANCO BILBAO VIZCAYA ARGENTARIA, S.A.
Filing Date: 2025-01-08
Form: 424B5
Chunk 91
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 merits of the Exchange Offer (including BBVA’s assumptions with respect to the future operations,
profitability, asset quality and other matters relating to the Target Company, including the anticipated synergies expected to result from the Exchange Offer), its decision to make the Exchange Offer and its determination of the terms and conditions
thereof.

As a result of the foregoing, BBVA may not have anticipated all losses, costs and other liabilities that may be incurred in
connection with the Exchange Offer if the Exchange Offer is completed or may have failed to accurately analyze or estimate the consequences of completing the Exchange Offer, either of which could have an adverse effect on the BBVA Group’s
business, financial condition and results of operations after completion of the Exchange Offer.

Acquisitions may also lead to potential
write-downs or have consequences that adversely affect the BBVA Group’s results of operations. For example, uncertainty about the effect of the Exchange Offer on BBVA’s and/or the Target Company’s (as a future member of the BBVA
Group) employees and customers could adversely affect BBVA’s or the Target Company’s ability to retain and motivate its key personnel until and after the Exchange Offer is completed and could cause customers, suppliers, licensees, partners
and other third parties that deal with BBVA or the Target Company to defer from entering into contracts with BBVA or the Target Company or to make other decisions that adversely affect BBVA or the Target Company, including the termination of
existing business relationships with BBVA or the Target Company.

In addition, if the Exchange Offer is not completed, the market prices
of BBVA securities may decline or otherwise be subject to fluctuations to the extent that the current market prices of BBVA securities reflect a market assumption that the Exchange Offer will be completed. In addition, the failure to complete the
Exchange Offer may result in negative publicity or affect BBVA’s reputation in the investment community and may affect BBVA’s relationship with employees, clients and other partners in the business community.

Following completion of the Exchange Offer, BBVA will be exposed to other risk factors specific to the Target Company’s business or
otherwise arising from the Exchange Offer.

Any of the foregoing may cause the BBVA Group to incur significant unexpected expenses, may
divert significant resources and management attention from the BBVA Group’s other business concerns, or may otherwise have a material adverse effect on the BBVA Group’s business, financial condition and results of operations.

The structure, capital, leverage, liquidity, MREL and resolution profile of the BBVA Group if