Company: BBVXF
Filing Date: 2025-09-09
Form Type: 424B3
Source: 0001193125-25-198517
Chunk: 159

Company: BANCO BILBAO VIZCAYA ARGENTARIA, S.A.
Filing Date: 2025-09-09
Form: 424B3
Chunk 159
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 each 5.0196 Banco Sabadell shares tendered and not withdrawn (the then-applicable exchange ratio). On
April 10, 2025, BBVA paid a dividend of €0.41 per BBVA share and, as a result, BBVA increased the exchange offer consideration on the ex-dividenddate of such dividend payment to one newly-issued BBVA share and €0.70 in cash for
each 5.3456 Banco Sabadell shares tendered and not withdrawn. The purpose of the exchange offer cash consideration is to provide tendering holders of Banco Sabadell shares with an amount equivalent to the aggregate amount of all distributions of
dividends, reserves or any other type of distributions made to shareholders of BBVA after the date of the publication of BBVA’s announcement

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of its intention to make the exchange offer but prior to the settlement of the exchange offer or, if applicable, after the settlement of the exchange offer but before the settlement of a
subsequent squeeze-out transaction. As a result, tendering holders of Banco Sabadell shares will receive this equivalent amount once they become shareholders of BBVA. There will be no adjustments to the exchange offer cash consideration offered in
the exchange offer or in any subsequent squeeze-out transaction, or both, as applicable, as a result of the acquisition by BBVA of any BBVA shares pursuant to any share buy-back program. BBVA does not intend to make any distribution of dividends,
reserves or any other type of distribution to its shareholders (regardless of whether it is an ordinary, extraordinary, interim or complementary distribution) during the acceptance period.

For a comparison of the rights of holders of BBVA shares and Banco Sabadell shares, see “Comparison of Rights of Holders of BBVA Shares
and Banco Sabadell Shares” in this offer to exchange/prospectus.

Timing of the Exchange Offer

The exchange offer commences on September 8, 2025 (the “commencement date”) and will expire at 5:59:59 p.m. Eastern time (11:59:59
p.m. Central European time) on the expiration date.

The term “expiration date” as used in this offer to exchange/prospectus
means the date on which the exchange offer will expire, which is currently October 7, 2025, unless the exchange offer is extended, in which case the term “expiration date” means the latest time and date on which the exchange offer, as