Company: BBVXF
Filing Date: 2025-09-09
Form Type: 424B3
Source: 0001193125-25-198517
Chunk: 226

Company: BANCO BILBAO VIZCAYA ARGENTARIA, S.A.
Filing Date: 2025-09-09
Form: 424B3
Chunk 226
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. The payment of the TSB Sale Dividend was approved by the extraordinary general shareholders’ meeting of Banco Sabadell on August 6, 2025.

BBVA intends to review Banco Sabadell’s shareholder remuneration policy following completion of the exchange offer and will consider the
promotion of any necessary changes in light of multiple factors that will need to be analyzed at that time, including, among other things, Banco Sabadell’s capital position, its expected increase in activity levels and profitability and profit
expectations. BBVA does not have any specific plans with respect to Banco Sabadell’s shareholder remuneration policy, which will be determined by BBVA only after its review of such remuneration policy. In this sense, the pay-out ratio of Banco
Sabadell’s shareholder remuneration policy following completion of the exchange offer could be the same as or lower or higher than Banco Sabadell’s shareholder remuneration policy as of the date of this offer to exchange/prospectus.

BBVA does not expect the foregoing to be affected by the CNMC Commitments or the Council of Ministers’ Authorization.

BBVA provides no assurance that the TSB Sale Dividend will actually be paid despite the approval of the extraordinary general
shareholders’ meeting of Banco Sabadell. As explained elsewhere in this offer to exchange/prospectus, the TSB Sale Dividend is subject to the consummation of the TSB Sale, which in turn, is subject to the satisfaction of certain closing
conditions. As a result, there is no certainty that such conditions will be

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satisfied and the TSB Sale consummated and, accordingly, there is no certainty that the TSB Sale Dividend will actually be paid. BBVA does not intend to take any action in opposition to the
approval of the TSB Sale Dividend by the extraordinary general shareholders’ meeting of Banco Sabadell.

BBVA’s
shareholder remuneration policy involves distributing between 40% and 50% of its consolidated net attributable profit annually, combining cash dividends and buy-backs, and BBVA will remain committed to distributing in the medium-term any capital in
excess of what is required to maintain a 12% CET1 ratio (subject to any restrictions imposed by, and the approval of, relevant supervisory bodies and BBVA’s corporate bodies, as applicable). This policy is typically implemented through the
distribution of an interim dividend for the year (typically paid in October of each year) and a