Company: BBVXF
Filing Date: 2025-01-08
Form Type: 424B5
Source: 0001193125-25-003393
Chunk: 13

Company: BANCO BILBAO VIZCAYA ARGENTARIA, S.A.
Filing Date: 2025-01-08
Form: 424B5
Chunk 13
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 be offered or sold to any retail clients; and (iii) all channels for distribution of the Preferred
Securities to eligible counterparties and professional clients are appropriate. Any person subsequently offering, selling or recommending the Preferred Securities (an “EU distributor”) should take into consideration the
manufacturer’s target market assessment; however, an EU distributor subject to MiFID II is responsible for undertaking its own target market assessment in respect of the Preferred Securities (by either adopting or refining the
manufacturer’s target market assessment) and determining appropriate distribution channels.

Restrictions on Acquisition of Preferred Securities by Spanish Residents—The Preferred Securities shall not be offered, distributed or sold in Spain in the primary market. However, the Preferred Securities may be sold to Spanish resident investors in circumstances
that satisfy the requirements set forth in the ruling 1500/04 of the Directorate General for Taxation (Dirección General de Tributos) of July 27, 2004.

Notwithstanding this, the Preferred Securities shall not be offered, sold or otherwise made available at any time to any retail investor (as
defined above) in Spain and any sales of the Preferred Securities in Spain according to the previous paragraph shall be made only to professional clients (clientes profesionales) as defined in Article 194 of the Law 6/2023 of March 17,
on Spanish Securities Markets and Investment Services (Ley 6/2023, de 17 de marzo, de los Mercados de Valores y de los Servicios de Inversión), as amended, replaced or supplemented from time to time (the “LMV”), or
eligible counterparties (contrapartes elegibles) as defined in Article 196 of the LMV and as further limited by the second paragraph of Article 192 of the LMV.

No publicity of any kind as to the Preferred Securities shall be made in Spain.

S-5

Notice to Prospective Investors in the United Kingdom

None of this prospectus supplement, the accompanying prospectus or any related free writing prospectus is a prospectus for the purposes of
Regulation (EU) 2017/1129 as it forms part of domestic law in the United Kingdom. Prospective investors are also referred to the section headed “—Prohibition on Marketing and Sales to Retail Investors” below in this prospectus
supplement for further information.

PROHIBITION OF SALES TO UNITED KINGDOM RETAIL INVESTORS—The Preferred Securities
are not intended to be offered, sold or otherwise made available to, and