Company: BBVXF
Filing Date: 2025-01-08
Form Type: 424B5
Source: 0001193125-25-003393
Chunk: 57

Company: BANCO BILBAO VIZCAYA ARGENTARIA, S.A.
Filing Date: 2025-01-08
Form: 424B5
Chunk 57
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 occur, BBVA would not pay Additional Amounts and owners of a beneficial interest in the Preferred Securities would have to follow the procedures set forth under 
 “Spanish Tax Considerations—Spanish Direct Refund from Spanish Tax Authorities” herein in order to apply directly to the Spanish tax authorities for any refund to which they may be entitled.                                                     |

Risk Factors Investing in the Preferred Securities involves risks. As part of making an investment decision, investors should make sure to thoroughly understand the terms of the Preferred Securities, such as the provisions governing Conversion (including, in particular, the circumstances under which a Trigger Event may occur), the agreement by investors to be bound by the exercise of the Spanish Bail-inPower by the Relevant Spanish Resolution Authority, that Distributions are due and payable only at our discretion (and in certain circumstances must be cancelled) and that there is no scheduled repayment date for the Liquidation Preference of the Preferred Securities. Investors should note that they bear BBVA’s solvency risk, and that the BBVA Group is subject to the resolution framework applicable to financial institutions in Spain. In addition to the information contained in or incorporated by reference into this prospectus supplement and the accompanying prospectus (including “ Item 3. Key Information—Risk Factors” in the 2023 Form 20-Fand “ Other Matters” in our 1H24 Form 6-K),you should carefully consider the risk factors detailed under “ Risk Factors” in this prospectus supplement prior to making any investment decision. You should consult your own financial, tax and legal advisers regarding the risks of an investment in the Preferred Securities.

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SUMMARY OF RISK FACTORS Investing in the Preferred Securities involves risks. Prospective investors should consider carefully the risk factors incorporated by reference into this prospectus supplement and the risk factors described in “Risk Factors” as well as the other information set out elsewhere in this prospectus supplement and the accompanying prospectus (including any other documents incorporated by reference herein, including the 2023 Form 20-F,the 1H24 Form 6-Kand the 9M24 Form 6-K),and reach their own views prior to making any investment decision with respect to the Preferred Securities. The following list summarizes some, but not all, of these risks. Please read the information in the section entitled “Risk Factors” for a more thorough description of these and other risks: Risks Relating to the Preferred Securities

| · |     | The Preferred Securities are not a suitable investment for all investors. |

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