Company: BBVXF
Filing Date: 2025-09-05
Form Type: F-4/A
Source: 0001193125-25-196513
Chunk: 206

Company: BANCO BILBAO VIZCAYA ARGENTARIA, S.A.
Filing Date: 2025-09-05
Form: F-4/A
Chunk 206
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 tax consequences described herein, possibly with retroactive effect. This summary does not address alternative minimum or Medicare contribution tax considerations, the special tax accounting rules under Section 451(b) of the Code, or U.S. federal taxes other than those pertaining to 148

U.S. federal income taxation (such as estate or gift taxes), nor does it address any aspects of U.S. state, local or non-U.S.taxation. U.S. Holders are urged to consult their tax advisers as to the U.S., Spanish and other tax consequences of participating in the exchange offer. As used herein, a “U.S. Holder” is a person that is, for U.S. federal income tax purposes, a beneficial owner of Banco Sabadell shares (and after the exchange offer will be a beneficial owner of BBVA shares, or BBVA ADSs if that person exchanges its BBVA shares for BBVA ADSs) 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 thereof 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. |

In general, a U.S. Holder that owns BBVA ADSs will be treated as the owner of the underlying BBVA shares represented by those BBVA ADSs for U.S. federal income tax purposes. Accordingly, no gain or loss will be recognized if after completion of the exchange offer a U.S. Holder exchanges BBVA shares for BBVA ADSs representing those shares. BBVA ADSs are not being offered as consideration pursuant to the exchange offer. The following discussion assumes that the only consideration that Banco Sabadell shareholders will receive from BBVA in exchange for their Banco Sabadell shares will be (i) BBVA ordinary shares, (ii) cash payments in respect of any distribution of dividends, reserves or any other type of distribution to its shareholders made by BBVA, as described above in “Dividend Payments” and (iii) cash in lieu of fractional BBVA shares. If additional cash payments are made (which for the avoidance of doubt are not currently contemplated), references below to cash described in “Dividend Payments” should also include any such additional cash. Consequences of the Exchange Offer Taxable Treatment The U.S. federal income tax consequences of the exchange