Company: BBVXF
Filing Date: 2025-01-08
Form Type: 424B5
Source: 0001193125-25-003393
Chunk: 64

Company: BANCO BILBAO VIZCAYA ARGENTARIA, S.A.
Filing Date: 2025-01-08
Form: 424B5
Chunk 64
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 with its capital and MREL requirements. The Preferred Securities accrue Distributions as further described in the Indenture, but BBVA may elect, in its sole and absolute discretion, to cancel the payment of any Distribution in whole or in part at any time and for any or no reason and without any restriction on it thereafter. Payments of Distributions in any financial year of BBVA shall be made only out of Distributable Items. To the extent that (i) BBVA has insufficient Distributable Items to make Distributions on the Preferred Securities S-43

scheduled for payment in the then-current financial year and any interest payments or distributions that have been paid or made or are scheduled or required to be paid or made out of
Distributable Items of BBVA in the then-current financial year, in each case excluding any portion of such payments already accounted for in determining the Distributable Items, and/or (ii) the Regulator, in accordance with Article 68 of Law
10/2014 and/or Article 16 of the SSM Regulation and/or with Applicable Banking Regulations then in force, requires BBVA to cancel the relevant Distribution in whole or in part, then BBVA will, without prejudice to the right above to cancel the
payment of all such Distributions on the Preferred Securities, make partial or, as the case may be, no payment of the relevant Distribution on the Preferred Securities. The level of BBVA’s available Distributable Items is affected by a number
of factors and could be affected by changes to the Applicable Banking Regulations and other regulations, accounting rules or expectations of regulatory authorities, among other factors.

An entity not meeting its “combined buffer requirement” must calculate its Maximum Distributable Amount, and until the Maximum
Distributable Amount has been calculated and communicated to the Bank of Spain, that entity shall not make any discretionary payments (including, in the case of BBVA, the payment of any Distributions on the Preferred Securities). Following such
calculation, any discretionary payments by that entity will be subject to the Maximum Distributable Amount so calculated.

In addition, in
accordance with Directive (EU) 2019/878 of the European Parliament and of the Council of May 20, amending CRD Directive, Regulation (EU) 2019/876 of the European Parliament and of the Council, of May 20, amending CRR, Directive (EU)
2019/879 of the European Parliament and of the Council of May 20, amending BRRD