Company: BBVXF
Filing Date: 2025-01-08
Form Type: 424B5
Source: 0001193125-25-003393
Chunk: 132

Company: BANCO BILBAO VIZCAYA ARGENTARIA, S.A.
Filing Date: 2025-01-08
Form: 424B5
Chunk 132
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-upCall” below, the Preferred Securities will not be redeemable prior to the First Reset Date. Any redemption is subject to the conditions described under
“Description of the Contingent Convertible Preferred Securities of BBVA—Redemption and Repurchase”in the accompanying prospectus (as amended hereby).

Optional Redemption

All, and not only some, of the Preferred Securities may be redeemed at the option of BBVA on the First Reset Date, and on any Distribution
Payment Date thereafter, at the Redemption Price, subject to such redemption being in compliance with Applicable Banking Regulations then in force and subject to the prior consent of the Regulator, if required pursuant to such regulations.

Redemption Due to a Tax Event

If, on or after the Closing Date, there is a Tax Event, the Preferred Securities may be redeemed, in whole but not in part, at our option at
any time at the Redemption Price, subject to such redemption being in compliance with Applicable Banking Regulations then in force and subject to the prior consent of the Regulator, if required pursuant to such regulations.

A “Tax Event” will be deemed to have occurred with respect to the Preferred Securities if, as a result of any change in, or
amendment to, the laws or regulations applicable in Spain, including, for the avoidance of doubt, any political subdivision thereof or any authority or agency therein or thereof having power to tax (except as provided under the third paragraph under
“—Substitution of Issuer” herein in the case of a successor entity not established under the laws of, or a tax resident in, Spain), or any change in the application or binding official interpretation or administration of any
such laws or regulations which change or amendment, or change in the

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application or binding official interpretation or administration, becomes effective on or after the Closing Date (i) we would not be entitled to claim a deduction in computing our taxation
liabilities in Spain (or, following any of the transactions described under—Substitution of Issuer”, the successor person’s jurisdiction of incorporation or tax residence) in respect of any Distribution to be made on the next
Distribution Payment Date or the value of such deduction to us would be reduced, or (ii) we would be required to pay Additional Amounts pursuant to the Indenture, or (iii) the applicable tax treatment of the Preferred Securities would be
materially affected.

If, in accordance with the Indenture, our obligations under the Preferred Securities were to be assumed by another