Company: BBVXF
Filing Date: 2025-09-09
Form Type: 424B3
Source: 0001193125-25-198517
Chunk: 74

Company: BANCO BILBAO VIZCAYA ARGENTARIA, S.A.
Filing Date: 2025-09-09
Form: 424B3
Chunk 74
---
 in the Council of Ministers’ Authorization, during the No-merger Period, BBVA will not achieve the
full cost savings and operating efficiencies that it would have been able to achieve if it were not subject to the Autonomy Condition, and in particular, if a merger with Banco Sabadell were consummated following completion of the exchange offer.

In particular, BBVA’s ability to realize synergies as a result of completing the exchange offer will be limited during the
No-merger Period.

On July 15, 2025, BBVA filed an administrative appeal before Spain’s Supreme Court, challenging the legality of
the Autonomy Condition in the Council of Ministers’ Authorization (the Administrative Appeal). As of the date of this offer to exchange/prospectus, the Administrative Appeal is pending. If the Autonomy Condition is declared void as a result of
the Administrative Appeal, BBVA may be able to consummate a merger with Banco Sabadell sooner than would otherwise be permitted pursuant to the Council of Ministers’ Authorization. There is no guarantee that BBVA will prevail in the
Administrative Appeal. BBVA expects the Administrative Appeal to be resolved in a period of between 18 months and two years.

The
synergies that BBVA has estimated would be realized and the restructuring costs BBVA has estimated would be incurred following the acquisition of control of Banco Sabadell following completion of the exchange offer (see “BBVA’s Reasons
for the Proposed Exchange Offer—Estimated Synergies”) have been estimated without access to non-public information relating to Banco Sabadell and on the basis of BBVA’s experience in prior transactions. However, the information
used by BBVA may not be correct and the circumstances applicable

48

to the exchange offer may not be comparable to any of BBVA’s prior transactions, which may result in BBVA failing to realize the synergies it expects to realize or incurring greater
restructuring costs than it expects to incur following the acquisition of control of Banco Sabadell following completion of the exchange offer.

Since BBVA has not had access to non-public information relating to Banco Sabadell, BBVA’s ability to accurately estimate these
synergies and restructuring costs is necessarily limited and the synergies and other savings finally realized and the restructuring costs finally incurred following completion of the exchange offer and the timing in which they are realized or
incurred, as applicable, may differ from BBVA’s estimates. Additionally, any error or omission on the publicly-available information regarding Banco Sab