Company: BBVXF
Filing Date: 2025-01-08
Form Type: 424B5
Source: 0001193125-25-003393
Chunk: 92

Company: BANCO BILBAO VIZCAYA ARGENTARIA, S.A.
Filing Date: 2025-01-08
Form: 424B5
Chunk 92
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 the Exchange Offer is completed remains uncertain.

Completion of the Exchange Offer may adversely affect the capital, leverage, liquidity, MREL or resolution profile of
BBVA or the BBVA Group. The information regarding the expected capital impact on the CET1 Ratio of the BBVA Group if the Exchange Offer is completed (see “Recent Developments”) represents unaudited estimates prepared by BBVA using
relevant information relating to BBVA and the Target Company. These estimates were prepared by BBVA based on a number of assumptions and estimates and based on publicly available information of the Target Company, and the actual capital ratios of
the BBVA Group following any closing of the Exchange Offer may be different from BBVA’s estimates provided herein. In addition, the regulatory and contractual consequences of the Exchange Offer with respect to outstanding instruments issued by
the Target Company have not been analyzed by BBVA. Completion of the Exchange Offer and/or the intended Merger could give rise to computability or succession-related issues with respect to certain outstanding instruments of the Target Company or
lead to other consequences affecting the obligations of the Target Company and/or BBVA with respect thereto.

S-57

Furthermore, the closing of the Exchange Offer may increase the actual or perceived systemic
importance of BBVA within the Spanish financial system. If the relevant regulators were to impose on the BBVA Group additional capital, leverage, liquidity, MREL or resolution requirements or buffers following closing of the Exchange Offer or any
other requirements or constraints on the structure or operations of the BBVA Group following any closing of the Exchange Offer, this could require the BBVA Group to issue additional capital instruments or MREL and/or result in BBVA incurring
additional costs.

Any such effects, imposition of additional requirements or buffers or imposition of other requirements
or constraints may also increase the likelihood of the occurrence of a Trigger Event or any cancellation of Distributions on the Preferred Securities as further described in “—Risks Relating to the Preferred Securities”. Any
such outcomes could also have a material adverse effect on the BBVA Group’s business, financial condition and results of operations.

This prospectus supplement does not include historical financial information of the Target Company. Additionally, the pro forma financial information included herein is based solely on the Target Company’s publicly available information and may not represent the actual historical financial information of the combined group as if the Exchange Offer were completed.

The Exchange Offer, if completed, would result in a significant increase in the size of the BBVA Group’s consolidated
balance sheet including, in particular,