Company: BBVXF
Filing Date: 2025-01-08
Form Type: 424B5
Source: 0001193125-25-003393
Chunk: 11

Company: BANCO BILBAO VIZCAYA ARGENTARIA, S.A.
Filing Date: 2025-01-08
Form: 424B5
Chunk 11
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 the variation of the terms of the Preferred Securities or the rights of the holders thereunder or under the Indenture, as deemed necessary by the Relevant Spanish Resolution Authority, to give effect to the exercise
of the Spanish Bail-in Power by the Relevant Spanish Resolution Authority.

Further, by
its acquisition of any Preferred Security, each holder acknowledges, accepts, consents to and agrees to be bound by (i) the exercise and effect of the Spanish Bail-in Power by the Relevant Spanish
Resolution Authority, which may be imposed with or without any prior notice, with respect to any Common Shares that may be delivered to it upon the Conversion (if any) of the Preferred Securities; and (ii) the variation of the terms of such
Common Shares to give effect to the exercise of the Spanish Bail-in Power by the Relevant Spanish Resolution Authority.

See “Certain Terms of the Preferred Securities—Agreement and Acknowledgment with Respect to the Exercise of the SpanishBail-inPower”.

Restrictions on Marketing and Sales

The Preferred Securities are complex financial instruments with high risk. They are not a suitable or appropriate investment for all investors. In particular, the Preferred Securities are not intended to be sold and shall not be sold to retail investors in any jurisdiction, including the United States. See “Risk Factors—The Preferred Securities are not a suitable investment for all investors”.

In the United States, the Preferred Securities are intended to be sold only to institutional investors.

S-4

In some jurisdictions, regulatory authorities have adopted or published laws, regulations or
guidance with respect to the offer or sale of securities such as the Preferred Securities to retail investors. By purchasing, or making or accepting an offer to purchase, any Preferred Securities from BBVA and/or the underwriters, each prospective
investor represents, warrants, agrees with and undertakes to BBVA and each underwriter that it has and will at all times comply with all applicable laws, regulations and regulatory guidance (whether inside or outside the European Economic Area (the
“EEA”) or the United Kingdom) relating to the promotion, offering, distribution and/or sale of the Preferred Securities (including, without limitation, MiFID II (as defined below) as implemented in each Member State of the EEA) and
any other applicable laws, regulations and regulatory guidance relating to determining the appropriateness and/or suitability of an investment in the Preferred Securities by investors in any relevant jurisdiction. Where acting as agent on behalf of
a disclosed or undisclosed client when purchasing, or making or accepting an offer