Company: BBVXF
Filing Date: 2025-01-08
Form Type: 424B5
Source: 0001193125-25-003393
Chunk: 7

Company: BANCO BILBAO VIZCAYA ARGENTARIA, S.A.
Filing Date: 2025-01-08
Form: 424B5
Chunk 7
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VA or in any way limit or restrict us from making any distribution or equivalent payment in connection with any instrument, including
any instrument ranking junior to the Preferred Securities (including, without limitation, any CET1 Capital (as defined herein) of BBVA or any member of the BBVA Group), or in respect of any Parity Security or other Security (as defined herein),
except to the extent Applicable Banking Regulations (as defined herein) otherwise provide.

Conversion

As described under “Description of the Contingent Convertible Preferred Securities of BBVA—Conversion” in the
accompanying prospectus (as amended hereby), if a Trigger Event occurs, then a Trigger Conversion will occur on the Conversion Settlement Date (as defined herein), and if a Capital Reduction occurs, then, except if we have given a redemption notice
prior to or at the same time as such Capital Reduction, a Capital Reduction Conversion (as defined herein) will occur on the Conversion Settlement Date, unless (in the case of a Capital

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Reduction) a holder elects that the Preferred Securities held by it shall not be so converted by delivery and receipt of a duly completed and signed Election Notice on or before the tenth
Business Day immediately following the Capital Reduction Notice Date. Upon occurrence of a Conversion Event (as defined herein), all of our obligations under the Preferred Securities shall be irrevocably and automatically released (except with
respect to the payment of certain Spanish stamp and similar taxes payable by BBVA in respect of the issue and delivery of the Common Shares and except further that, upon a Capital Reduction Conversion, we may need to pay certain accrued and unpaid
Distributions (where not cancelled or deemed cancelled pursuant to, or otherwise subject to the limitations on payment set out under, “Certain Terms of the Preferred Securities—Distributions—Restrictions on Payments” and
“Certain Terms of the Preferred Securities—Distributions—Distributions Discretionary” herein)) in consideration of our issuance and delivery of the Common Shares to the Conversion Shares Depository (as defined herein), and
under no circumstances shall such released obligations be reinstated. The Common Shares shall initially be registered in the name of the Conversion Shares Depository (which shall hold the Common Shares on behalf of the holders of the Preferred
Securities).

The Preferred Securities are not convertible into Common Shares at the option of holders of Preferred Securities at any time
and are not redeemable in cash as a result of a Trigger Event or a Capital Reduction (each, a “Conversion Event”