Company: BBVXF
Filing Date: 2025-09-09
Form Type: 424B3
Source: 0001193125-25-198517
Chunk: 80

Company: BANCO BILBAO VIZCAYA ARGENTARIA, S.A.
Filing Date: 2025-09-09
Form: 424B3
Chunk 80
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 relating to Banco Sabadell may have affected BBVA’s analysis, estimations
and determinations with respect to the exchange offer”. As a result, the actual CET1 ratio, leverage, liquidity, MREL or resolution profile of the BBVA Group following completion of the exchange offer may be different from BBVA’s
estimates.

51

Completion of the exchange offer may also increase the actual or perceived systemic
importance of BBVA within the Spanish financial system or give rise to the need for BBVA or Banco Sabadell to issue additional regulatory capital instruments. If the relevant regulators were to impose additional capital, leverage, liquidity, MREL or
resolution requirements on the BBVA Group following completion of the exchange offer or any other requirements or constraints on the structure or operations of the BBVA Group, BBVA may be required to raise additional capital instruments or MREL or
take such actions as are necessary to comply with such constraints.

The prices of the BBVA shares and the Banco Sabadell shares may be adversely affected if the exchange offer is not completed. Additionally, if the exchange offer is not completed, the business operations of BBVA and Banco Sabadell may have been distorted without being able to realize any anticipated benefits from the exchange offer.

If the exchange offer is not completed, the prices of the BBVA shares and the Banco Sabadell shares may decline or
otherwise be subject to fluctuations to the extent that the current market prices of BBVA shares and Banco Sabadell sharesreflect a market assumption that the exchange offer will be completed. Additionally, matters relating to the
exchange offer may have required substantial commitments of time and resources by BBVA’s and Banco Sabadell’s management. Also, if the exchange offer is not completed, BBVA and Banco Sabadell may experience negative reactions from the
investment community and their respective customers, which could adversely affect BBVA’s and Banco Sabadell’s businesses.

If
the exchange offer is not completed and Banco Sabadell’s board of directors seeks another merger, business combination or other transaction, holders of Banco Sabadell shares cannot be certain that Banco Sabadell will find a party willing to
offer equivalent or more attractive consideration than the consideration that holders of Banco Sabadell shares would have received from BBVA in the exchange offer.

In addition, the failure to complete the exchange offer may result in negative publicity or affect BBVA’s and Banco Sabadell’s
reputation in the investment community and may affect BBVA’s and Banco Sabadell