Company: BBVXF
Filing Date: 2025-09-09
Form Type: 424B3
Source: 0001193125-25-198517
Chunk: 8

Company: BANCO BILBAO VIZCAYA ARGENTARIA, S.A.
Filing Date: 2025-09-09
Form: 424B3
Chunk 8
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 treasury shares held by Banco Sabadell as of that time).

1

Because BBVA would be permitted to waive the Minimum Acceptance Condition when U.S. holders
of Banco Sabadell shares no longer have the withdrawal rights required under U.S. law in the absence of the no-action relief granted by the SEC, U.S. holders of Banco Sabadell shares are cautioned to consider not tendering their Banco Sabadell
shares into the exchange offer if their willingness to tender their Banco Sabadell shares would be affected by such a waiver by BBVA of the Minimum Acceptance Condition.

For additional information, see “The Exchange Offer—Relief Requested from the SEC—Tender Offer Rules Exemptive and No-Action
Relief”.

Rule 14d-7 and Section 14(d)(5) relief

Pursuant to no-action relief granted on September 2, 2025 by the SEC with respect to Rule 14d-7 under the Exchange Act and Section
14(d)(5) of the Exchange Act, BBVA may commence the exchange offer before the Registration Statement is declared effective, despite the fact that withdrawal rights would be provided in connection with the exchange offer only through the day prior to
the last day of the acceptance period as required by the Spanish Takeover Regulation, rather than through the expiration date of the exchange offer (as would be required by Rule 14d-7), and that “back-end” withdrawal rights (as would be
required by Section 14(d)(5)) would not be provided after the expiration date of the exchange offer.

For additional information, see
“The Exchange Offer—Relief Requested from the SEC—Tender Offer Rules Exemptive and No-Action Relief”.

Regulation M relief

Pursuant to exemptive relief granted on September 4, 2025 by the SEC from Rules 101 and 102 of Regulation M under the
Exchange Act, and subject to certain enumerated conditions set forth in the relief letter, BBVA and certain of its affiliates may continue to engage, including during the Regulation M Restricted Period (as defined herein), in various dealing,
brokerage and investment advice activities involving BBVA shares and BBVA ADSs when and to the extent permitted by applicable law. Among other things, BBVA and certain of its affiliates, as the case may be, intend (i) to engage in trades in BBVA
shares for their own account and the accounts of their customers for the purpose of hedging positions (