Company: BBVXF
Filing Date: 2025-01-08
Form Type: 424B5
Source: 0001193125-25-003393
Chunk: 70

Company: BANCO BILBAO VIZCAYA ARGENTARIA, S.A.
Filing Date: 2025-01-08
Form: 424B5
Chunk 70
---
 A resolution of capital reduction for the redemption of any Common Shares previously repurchased by BBVA will not be considered a Capital Reduction for the purposes of the terms and conditions of the Preferred Securities.

Article 418.3 of the Spanish Companies Act provides for holders of convertible securities in the event of any such capital reduction to
be able to exercise their rights in respect of the conversion of such securities into ordinary shares in the capital of the issuer before the capital reduction is effected. Such conversion is intended to ensure holders of convertible securities are
not detrimentally affected by the decapitalization of the issuer resulting from such capital reduction and may participate in the reimbursement of the relevant cash contributions as shareholders and, thereby, also benefit from such reimbursement.

If a Capital Reduction occurs, each holder will have the right to elect that its Preferred Securities shall not be converted on such
Capital Reduction by delivery and receipt of a duly completed and signed Election Notice

S-46

as provided in the Indenture on or before the tenth Business Day immediately following the Capital Reduction Notice Date. Any failure to make such election by such deadline will result in the
conversion of a holder’s Preferred Securities on such Conversion Settlement Date in accordance with the Indenture.

Accordingly, an
investor in the Preferred Securities will, following a Conversion, face almost the same risk of loss as an investor in the Common Shares.

The circumstances that may give rise to a Trigger Event are unpredictable.

The occurrence of a Trigger Event is inherently unpredictable as it depends, in part, on factors which are outside of BBVA’s control. For
example, the occurrence of one or more of the risks described in “Item 3. Key Information—Risk Factors” in the 2023 Form 20-F, such as macroeconomic deterioration, may have a material
adverse effect on the business and future earnings of BBVA and/or the BBVA Group and may therefore substantially increase the likelihood of the occurrence of a Trigger Event.

Furthermore, the occurrence of a Trigger Event depends, in part, on the calculation of the CET1 ratio, which can be affected, among other
things, by changes in applicable accounting rules, the BBVA Group’s accounting policies and the application by the BBVA Group of these policies; and regulatory changes (including possible changes in regulatory capital definitions and
calculations of the CET1 ratios and their components or the interpretation thereof by the relevant authorities, including CET1 Capital and RWAs, in each case on either an individual or a consolidated basis, and the unw