Company: BBVXF
Filing Date: 2025-01-08
Form Type: 424B5
Source: 0001193125-25-003393
Chunk: 115

Company: BANCO BILBAO VIZCAYA ARGENTARIA, S.A.
Filing Date: 2025-01-08
Form: 424B5
Chunk 115
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 the information below updates and supersedes such information in the accompanying prospectus.

BBVA may issue future preferred securities under other indentures or documentation that contains provisions different from those included in
the Indenture, including future preferred securities under the Contingent Convertible Preferred Securities Indenture (as it may be amended and supplemented by any relevant supplemental indenture). BBVA is not prohibited under the Preferred
Securities or the Indenture from paying any amounts due under any of its obligations at a time when they are in default or BBVA has failed to pay any amounts due under the Preferred Securities or the Indenture.

If you purchase the Preferred Securities, your rights will be determined by their terms, the Indenture and the Trust Indenture Act, unless
your Preferred Securities are converted to Common Shares after a Conversion Event as described in the accompanying prospectus under “Description of the Contingent Convertible Preferred Securities of BBVA—Conversion” (as amended
hereby) in which case your rights will be determined in accordance with the terms of our shares as described in the accompanying prospectus under “Description of BBVA Ordinary Shares”.

General

The Preferred Securities will be
initially issued in an aggregate Liquidation Preference of $1,000,000,000. The Preferred Securities are perpetual instruments with no fixed maturity or fixed redemption date. The Preferred Securities will be issued only in registered form and will
carry a liquidation preference of $200,000 per Preferred Security. The Preferred Securities constitute a series of contingent convertible preferred securities under the Contingent Convertible Preferred Securities Indenture.

S-75

The Preferred Securities will be initially represented by one or more global security
certificates (each a “Global Preferred Security”) which will be deposited with a custodian for DTC and Preferred Securities represented thereby will be registered in the name of Cede & Co., as nominee for DTC.

Beneficial interests in the Preferred Securities will be shown on, and transfers thereof will be effected only through, the book-entry records
maintained by DTC and its participants. You will not receive definitive Preferred Securities except as described in the Indenture.

As
described under “—Distributions—Distributions Discretionary” herein, the terms of the Preferred Securities provide that we may elect, in our sole and absolute discretion, to cancel the payment of any Distribution on the
Preferred Securities in whole or in part at any time and for any or no reason. As described under “—Distributions—