Company: BBVXF
Filing Date: 2025-09-09
Form Type: 424B3
Source: 0001193125-25-198517
Chunk: 22

Company: BANCO BILBAO VIZCAYA ARGENTARIA, S.A.
Filing Date: 2025-09-09
Form: 424B3
Chunk 22
---
 would be able to control Banco Sabadell with less than 50% of Banco Sabadell’s voting rights.

| Q. | What happens if BBVA does not control Banco Sabadell immediately following completion of the exchange offer? |

| A. | If BBVA does not control Banco Sabadell immediately following completion of the exchange offer, it is possible                                                                                                                                         
 that BBVA will subsequently obtain control of Banco Sabadell as a result of a Mandatory Tender Offer. In addition, following a Mandatory Tender Offer, BBVA will be permitted under Spanish law to acquire any untendered Banco Sabadell shares in the 
 open market or otherwise in an unlimited amount and without giving rise to any obligation to make a further tender offer for any Banco Sabadell shares. BBVA is undertaking the exchange offer in order to acquire control of Banco Sabadell. If BBVA  
 does not obtain control of Banco Sabadell following completion of the exchange offer and a Mandatory Tender Offer,                                                                                                                                     |

11

| BBVA may (but it is not obligated to) acquire additional Banco Sabadell shares, in the open market or otherwise, to eventually obtain control of Banco Sabadell. The execution, timing and manner 
 of any such additional acquisitions will depend on many factors, including business developments, macroeconomic developments and conditions, and prevailing market conditions.                    |

Until BBVA controls Banco Sabadell:

| • |     | BBVA may not be able to carry out any of its strategic plans with respect to Banco Sabadell; |

| • |     | BBVA may not realize any of the synergies it expects to realize following completion of the exchange offer; and |

| • |     | BBVA will not be able to consolidate the financial position and results of operations of Banco Sabadell within                                                                                                                                           
 its consolidated financial statements. Rather, BBVA will include the financial position and results of operations of Banco Sabadell in accordance with the relevant accounting criteria based on the percentage interest held by BBVA in Banco Sabadell, 
 pursuant to the equity method of accounting.                                                                                                                                                                                                             |

| Q. | When may BBVA decide to waive the Minimum Acceptance Condition? |

| A. | If the Minimum Acceptance Condition has not been satisfied as of the end of the acceptance period, pursuant to                                                                                                                                           
 the Spanish Takeover Regulation, BBVA may waive the Minimum Acceptance Condition after the expiration date of the exchange offer (following receipt by BBVA of the CNMV Notification informing BBVA of