Company: BBVXF
Filing Date: 2025-07-31
Form Type: F-3ASR
Source: 0001193125-25-170429
Chunk: 198

Company: BANCO BILBAO VIZCAYA ARGENTARIA, S.A.
Filing Date: 2025-07-31
Form: F-3ASR
Chunk 198
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-preferred notes or subordinated notes as part of a hedge, straddle, constructive sale, conversion transaction or integrated transaction; |

| • |     | persons whose “functional currency” for U.S. federal income tax purposes is not the U.S. dollar; |

| • |     | tax-exempt organizations, “individual retirement accounts” or 
 “Roth IRAs”;                                                  |

| • |     | partnerships or other entities or arrangements classified as partnerships for U.S. federal income tax purposes; |

| • |     | persons who own or are deemed to own 10% or more of our shares by vote or value; and |

| • |     | persons holding ADSs, ordinary shares, contingent convertible preferred securities, senior preferred notes,                  
 senior non-preferred notes or subordinated notes in connection with a trade or business conducted outside the United States. |

This summary does not address the tax treatment of the ADS, ordinary shares, contingent convertible preferred securities, senior preferred notes, senior non-preferrednotes or subordinated notes on or following any exercise of the Spanish Bail-inPower with respect to such securities. A “U.S. Holder” is a person that is, for U.S. federal income tax purposes, a beneficial owner of ordinary shares, ADSs, contingent convertible preferred securities, senior preferred notes, senior non-preferrednotes or subordinated notes, as applicable, and:

| • |     | a citizen or individual resident of the United States; |

| • |     | a corporation, or other entity taxable as a corporation, created or organized in or under the laws of the United 
 States, any state therein or the District of Columbia; or                                                        |

| • |     | an estate or trust the income of which is subject to U.S. federal income taxation regardless of its source. |

132

If a partnership holds ordinary shares, ADSs, contingent convertible preferred securities,
senior preferred notes, senior non-preferred notes or subordinated notes, the U.S. federal income tax treatment of a partner will generally depend on the status of the partner and the tax treatment of the
partnership. Partnerships holding ordinary shares, ADSs, contingent convertible preferred securities, senior preferred notes, senior non-preferred notes or subordinated notes and partners in such partnerships
should consult their tax advisers with regard to the U.S. federal income tax treatment of their investment in such securities.

The
summary is based upon the tax laws of the United States including the Code, administrative pronouncements, judicial decisions and final