# EDGAR Filing Document

**Accession Number:** 0000842180
**File Stem:** 0001193125-26-198540
**Filing Date:** 2026-5
**Character Count:** 32127
**Document Hash:** 43610990760439cfa35f7ec630c1e1c1
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001193125-26-198540.hdr.sgml**: 20260501

**ACCESSION NUMBER**: 0001193125-26-198540

**CONFORMED SUBMISSION TYPE**: FWP

**PUBLIC DOCUMENT COUNT**: 2

**FILED AS OF DATE**: 20260501

**DATE AS OF CHANGE**: 20260430

**SUBJECT COMPANY**: 

**COMPANY DATA:**
- **COMPANY CONFORMED NAME:** BANCO BILBAO VIZCAYA ARGENTARIA, S.A.
- **CENTRAL INDEX KEY:** 0000842180
- **STANDARD INDUSTRIAL CLASSIFICATION:** COMMERCIAL BANKS, NEC [6029]
- **ORGANIZATION NAME:** 02 Finance
- **EIN:** 133491492
- **FISCAL YEAR END:** 1231

**FILING VALUES:**
- **FORM TYPE:** FWP
- **SEC ACT:** 1934 Act
- **SEC FILE NUMBER:** 333-289121
- **FILM NUMBER:** 26928354

**BUSINESS ADDRESS:**
- **STREET 1:** CALLE AZUL 4
- **CITY:** MADRID
- **STATE:** U3
- **ZIP:** 28050
- **BUSINESS PHONE:** 011 34 91 537 8172

**MAIL ADDRESS:**
- **STREET 1:** CALLE AZUL 4
- **CITY:** MADRID
- **STATE:** U3
- **ZIP:** 28050

**FORMER COMPANY:**
- **FORMER CONFORMED NAME:** BANCO BILBAO VIZCAYA ARGENTARIA S A
- **DATE OF NAME CHANGE:** 20000505

**FORMER COMPANY:**
- **FORMER CONFORMED NAME:** BANCO BILBAO VIZCAYA S A
- **DATE OF NAME CHANGE:** 19991103
**FILED BY**: 

**COMPANY DATA:**
- **COMPANY CONFORMED NAME:** BANCO BILBAO VIZCAYA ARGENTARIA, S.A.
- **CENTRAL INDEX KEY:** 0000842180
- **STANDARD INDUSTRIAL CLASSIFICATION:** COMMERCIAL BANKS, NEC [6029]
- **ORGANIZATION NAME:** 02 Finance
- **EIN:** 133491492
- **FISCAL YEAR END:** 1231

**FILING VALUES:**
- **FORM TYPE:** FWP

**BUSINESS ADDRESS:**
- **STREET 1:** CALLE AZUL 4
- **CITY:** MADRID
- **STATE:** U3
- **ZIP:** 28050
- **BUSINESS PHONE:** 011 34 91 537 8172

**MAIL ADDRESS:**
- **STREET 1:** CALLE AZUL 4
- **CITY:** MADRID
- **STATE:** U3
- **ZIP:** 28050

**FORMER COMPANY:**
- **FORMER CONFORMED NAME:** BANCO BILBAO VIZCAYA ARGENTARIA S A
- **DATE OF NAME CHANGE:** 20000505

**FORMER COMPANY:**
- **FORMER CONFORMED NAME:** BANCO BILBAO VIZCAYA S A
- **DATE OF NAME CHANGE:** 19991103

**Free Writing Prospectus dated April 30, 2026** 

**(to Prospectus dated July 31, 2025 and** 

**Preliminary Prospectus Supplement dated April 30, 2026)** 

**Filed pursuant to Rule 433** 

**Registration Statement No. 333-289121** 

**PRICING TERM SHEET**![LOGO](g432371g0224030817458.jpg)

**BANCO BILBAO VIZCAYA ARGENTARIA, S.A.** 

**$1,000,000,000 SERIES 16 NON-STEP-UP NON-CUMULATIVE CONTINGENT** 

**CONVERTIBLE PERPETUAL PREFERRED TIER 1 SECURITIES** 

*This Free Writing Prospectus relates only to the preferred securities described below and should only be read together with the preliminary prospectus supplement dated April 30, 2026 (the "Preliminary Prospectus Supplement"), the accompanying prospectus dated July 31, 2025 relating to these preferred securities (together with the Preliminary Prospectus Supplement, the "Prospectus") and the Form 6-K of the Issuer submitted to the U.S. Securities and Exchange Commission on April 30, 2026, which contains certain information on the Issuer's financial condition and results of operations as of and for the three months ended March 31, 2026. Terms and expressions used but not defined herein shall have the same meanings as given in the Prospectus.* 

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|:---|:---|
| **Issuer** | Banco Bilbao Vizcaya Argentaria, S.A. ("BBVA") |
| **Issue** | $1,000,000,000 Series 16 Non-Step-Up Non-Cumulative Contingent Convertible Perpetual Preferred Tier 1 Securities (the "Preferred Securities") |
| **Issuer Rating\*** | A2 (Moody's) / A+ (S&P) / A- (Fitch) |
| **Expected Issue Rating\*** | Ba1 (Moody's) / BB+ (Fitch) |
| **Pricing Date** | April 30, 2026 |
| **Issue Date / Settlement Date / Closing Date** | May 8, 2026 (T+6) |
| **Currency** | U.S. Dollar |
| **Issue Size** | $1000000000 |
| **Maturity** | Perpetual, with no fixed maturity or fixed redemption date |

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|:---|:---|
| **Optional Call Dates** | On the First Reset Date and on any Distribution Payment Date thereafter |
| **Liquidation Preference** | $200,000 per Preferred Security |
| **Issuer Ordinary Shares Price** | EUR 18.81 (closing price on April 30, 2026) in the Relevant Stock Exchange |
| **Legal Format** | SEC-registered |
| **Business Day Convention / Day Count Fraction** | Following unadjusted / 30/360 (ISDA) |
| **Distribution Rates** | The Preferred Securities accrue Distributions: (i) in respect of the period from (and including) the Closing Date to (but excluding) the First Reset Date at the rate of 7.125% per annum; and (ii) in respect of each Reset Period, at the rate per annum equal to the aggregate of 2.985% (the "Initial Margin") and the 5-year UST for such Reset Period, and such aggregate converted to a quarterly rate in accordance with market convention (rounded to four decimal places, with 0.00005 rounded down), all as determined by the Calculation Agent on the relevant Reset Determination Date; provided that any Distribution Rate shall not be less than zero. |
| **US Treasury Benchmark** | 7-year UST (4.125% due April 30, 2033) |
| **US Treasury Price / Yield** | 99-17 / 4.203% |
| **Re-offer Yield** | 7.125% quarterly / 7.188% semi-annual |
| **Semi-annual Equivalent Re-offer Spread to US Treasury** | 298.5 bps |
| **Price to Public** | 100.000% |
| **Underwriting Discount** | 0.800% |
| **All-in Price to Issuer** | 99.200% |
| **Proceeds, Before Expenses, to the Issuer** | $992000000 |
| **CUSIP** | 05946K AW1 |
| **ISIN** | US05946KAW18 |

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| **Distribution Payment Dates** | Subject to the provisions set out below, Distributions will be payable quarterly in arrears on each of February 8, May 8, August 8 and November 8 in each year (each a "Distribution Payment Date"), commencing on August 8, 2026. |
| **Reset Dates** | May 8, 2033 (the "First Reset Date") and every fifth anniversary thereafter (each, a "Reset Date"). Each period from (and including) a Reset Date to (but excluding) the following Reset Date shall be a "Reset Period". |
| **5-year UST** | In relation to a Reset Date and the Reset Period commencing on that Reset Date, an interest rate expressed as a percentage determined by the Calculation Agent to be the per annum rate equal to the yield to maturity for U.S. Treasury securities with a maturity of five years as published in the most recent H.15.<br>"H.15" means the daily statistical release designated as such and published by the Board of Governors of the United States Federal Reserve System under the caption "Treasury constant maturities", or any successor or replacement publication as reasonably determined by BBVA and notified to the Calculation Agent, that establishes yield on actively traded U.S. Treasury securities, and "most recent H.15" means the H.15 that includes a yield to maturity for U.S. Treasury securities with a maturity of five years, published closest in time (but prior to) the relevant Reset Determination Date. |
| **Distributions Discretionary** | BBVA may elect, in its 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. Distributions on the Preferred Securities will be non-cumulative. |
| **Restrictions on Payments** | Payments of Distributions on the Preferred Securities shall be made only out of BBVA's Distributable Items.<br>To the extent that:<br>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;i. BBVA has insufficient Distributable Items to make Distributions on the Preferred Securities 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 BBVA's Distributable Items in the then-current financial year, in each case excluding any portion of such payments already accounted for in determining BBVA's Distributable Items, and/or |

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|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;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,<br>then BBVA will, without prejudice to the right set forth under "Distributions Discretionary" above to cancel at its discretion the payment of any such Distributions on the Preferred Securities at any time, make partial or, as the case may be, no payment of the relevant Distribution on the Preferred Securities.<br>No payments will be made on the Preferred Securities (whether by way of a repayment of the Liquidation Preference, the payment of any Distribution or otherwise) if and to the extent that such payment would cause a breach of any regulatory restriction or prohibition on payments on Additional Tier 1 Instruments pursuant to Applicable Banking Regulations (including, without limitation, any such restriction or prohibition relating to any Maximum Distributable Amount or MREL-MDA applicable to BBVA and/or the BBVA Group). |
| **Agreement to Distribution Cancellation** | By acquiring Preferred Securities, holders and holders of a beneficial interest in the Preferred Securities acknowledge and agree to the provisions with respect to the cancellation of Distributions described under "*Certain Terms of the Preferred Securities—Distributions—Agreement to Distribution Cancellation*" in the Preliminary Prospectus Supplement. |
| **Subordination** | Unless previously converted into Common Shares pursuant to the conversion provisions of the Indenture and except as provided in the second paragraph under "*Certain Terms of the Preferred Securities—Liquidation Distribution*" in the Preliminary Prospectus Supplement, the payment obligations of BBVA under the Preferred Securities will constitute direct, unconditional, unsecured and subordinated obligations of BBVA.<br>Upon the insolvency (*concurso de acreedores*) of BBVA, in accordance with and only to the extent permitted by the Spanish Insolvency Law and any other applicable laws relating to or affecting the enforcement of creditors' rights in Spain (including, without limitation, Additional Provision 14.3 of Law 11/2015), but subject to any other ranking that may apply as a result of any mandatory provision of law (or |

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|:---|:---|
|  | otherwise), for so long as the Preferred Securities constitute an Additional Tier 1 Instrument of BBVA, the payment obligations of BBVA under the Preferred Securities will rank: (i) junior to: (a) any claim in respect of any unsubordinated obligations of BBVA (including where the relevant claim subsequently becomes subordinated pursuant to Article 281.1.1º of the Spanish Insolvency Law); and (b) any claim in respect of any other subordinated obligations of BBVA, present and future, other than under any outstanding Additional Tier 1 Instrument of BBVA (other than, to the extent permitted by law, any Parity Securities, whether so ranking by law or their terms); (ii) *pari passu* with each other and with all other claims in respect of contractually subordinated obligations of BBVA under any outstanding Additional Tier 1 Instruments, present and future (and, to the extent permitted by law, *pari passu* with any other Parity Securities, whether so ranking by law or their terms); and (iii) senior to the Common Shares and any other subordinated obligations of BBVA which by law rank junior to the Preferred Securities (including, to the extent permitted by law, any contractually subordinated obligations of BBVA expressed by their terms to rank junior to the Preferred Securities), such that any relevant claim in respect of the Preferred Securities will be satisfied, as appropriate, only to the extent that all claims ranking senior to it have first been satisfied in full, and then pro rata with any claims ranking *pari passu* with it, in each case as provided in the Prospectus. |
| **Waiver of Right of Set-Off** | The Preferred Securities are subject to the waiver of set-off provisions set forth in the Prospectus. |
| **Conversion** | The Preferred Securities are only convertible into Common Shares upon a Trigger Event or a Capital Reduction, in each case as set forth below. The Preferred Securities are not convertible into Common Shares at the option of holders of Preferred Securities at any time and are not redeemable in cash as a result of a Trigger Event or a Capital Reduction. |
| **Trigger Event** | A "Trigger Event" shall occur if, at any time, as determined by BBVA, BBVA's CET1 ratio or the CET1 ratio of the BBVA Group is less than 5.125%. |
| **Capital Reduction** | A "Capital Reduction" shall occur upon the adoption, in accordance with Article 418.3 of the consolidated text of the Corporate Enterprises Act (*Ley de Sociedades de Capital*), approved by Royal Legislative Decree 1/2010, of July 2 (*Real Decreto Legislativo 1/2010, de 2 de julio, por el que se* |

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|:---|:---|
|  | *aprueba el texto refundido de la Ley de Sociedades de Capital*), as amended, replaced or supplemented from time to time, by a general shareholders' meeting of BBVA of a resolution of capital reduction by reimbursement of cash contributions (*restitución de aportaciones*) to shareholders by way of a reduction in the nominal value of the shares of such shareholders in BBVA's capital. |
| **Conversion Price** | The "Conversion Price" shall be, in respect of a Conversion Notice Date, if the Common Shares are: (i) then admitted to trading on a Relevant Stock Exchange, the higher of: (a) the Reference Market Price of a Common Share (translated into U.S. dollars at the Prevailing Rate, if applicable); (b) the Floor Price; and (c) the nominal value of a Common Share (€0.49 on the Closing Date) (translated into U.S. dollars at the Prevailing Rate, if applicable); or (ii) not then admitted to trading on a Relevant Stock Exchange, the higher of (b) and (c) above. |
| **Floor Price** | $4.4014. The Floor Price is subject to adjustment as described in the Prospectus. |
| **Optional Redemption** | All, and not only some, of the Preferred Securities may be redeemed at BBVA's option on the First Reset Date, and on any Distribution Payment Date thereafter, at the Redemption Price, subject to such redemption being in compliance with Applicable Banking Regulations then in force and subject to the prior consent of the Regulator, if required pursuant to such regulations. |
| **Redemption Due to a Tax Event** | If, on or after the Closing Date, there is a Tax Event, the Preferred Securities may be redeemed, in whole but not in part, at BBVA's option at any time at the Redemption Price, subject to such redemption being in compliance with Applicable Banking Regulations then in force and subject to the prior consent of the Regulator, if required pursuant to such regulations.<br>A "Tax Event" will be deemed to have occurred with respect to the Preferred Securities if, as a result of any change in, or amendment to, the laws or regulations applicable in Spain (including any treaty to which Spain is a party), or any political subdivision thereof or any authority or agency therein or thereof having power to tax, or any change in the application or binding official interpretation or administration of any such laws or regulations which change or amendment, or change in the application or binding official interpretation |

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|  | or administration, becomes effective on or after the Closing Date (i) BBVA would not be entitled to claim a deduction in computing its taxation liabilities in Spain, in respect of any Distribution to be made on the next Distribution Payment Date or the value of such deduction to BBVA would be reduced, or (ii) BBVA would be required to pay Additional Amounts pursuant to the Indenture, or (iii) the applicable tax treatment of the Preferred Securities would be materially affected. |
| **Redemption Due to a Capital Event** | If, on or after the Closing Date, there is a Capital Event, the Preferred Securities may be redeemed, in whole but not in part, at BBVA's option at any time at the Redemption Price, subject to such redemption being in compliance with Applicable Banking Regulations then in force and subject to the prior consent of the Regulator, if required pursuant to such regulations.<br>A "Capital Event" will be deemed to have occurred with respect to the Preferred Securities if there is a change (or any pending change which the Regulator considers to be sufficiently certain) in Spanish law or Applicable Banking Regulations or any application or official interpretation thereof, on or after the Closing Date, that results (or is likely to result) in any of the outstanding aggregate Liquidation Preference of the Preferred Securities ceasing to be included in, or count towards, the BBVA Group's or BBVA's Tier 1 Capital. |
| **Clean-up Call** | If, on or after the Closing Date, Preferred Securities representing, in the aggregate, 75% or more of the aggregate Liquidation Preference of the Preferred Securities (including, both in the numerator and the denominator, (i) any Preferred Securities issued after the Closing Date and (ii) any Preferred Securities which have been cancelled by the trustee following their surrender for cancellation in accordance with the Indenture) have been purchased by or on behalf of BBVA or any member of the BBVA Group, the Preferred Securities may be redeemed, in whole but not in part, at BBVA's option at any time at the Redemption Price, subject to such redemption being in compliance with Applicable Banking Regulations then in force and subject to the prior consent of the Regulator, if required pursuant to such regulations. |

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| **Substitution / Modification** | Notwithstanding anything to the contrary in the Preferred Securities, the Indenture or any other agreements, arrangements, or understandings between BBVA and any holder of the Preferred Securities, by its acquisition of the Preferred Securities, each holder and beneficial owner acknowledges, accepts, consents to and agrees that if a Capital Event or a Tax Event, as applicable, occurs and is continuing, BBVA may, except if a Trigger Event occurs or shall have occurred, and except if a Capital Reduction occurs or shall have occurred (other than in respect of Preferred Securities with respect to which a duly completed Election Notice has been received during the Election Period), substitute all (but not less than all) of the Preferred Securities or modify the terms of all (but not less than all) of the Preferred Securities, without any requirement for the consent or approval of the trustee or the holders or beneficial owners of the Preferred Securities, so that such Preferred Securities are substituted for, or their terms are modified to, become again, or remain Qualifying Preferred Securities (as defined in the Preliminary Prospectus Supplement), subject to satisfaction of the requirements and limitations set forth in the Preliminary Prospectus Supplement.<br>Any variation in the terms of the Preferred Securities resulting from any such modification or, if the Preferred Securities are substituted, any difference between the terms of the Preferred Securities and those of the Qualifying Preferred Securities for which the Preferred Securities are substituted, shall not be materially prejudicial to the interests of the holders of the Preferred Securities. |
| **Payment of Additional Amounts** | All payments of Distributions payable in respect of Preferred Securities by BBVA will be made free and clear of and without withholding or deduction for or on account of any present or future taxes, duties, assessments or governmental charges of whatever nature unless such withholding or deduction is required by law. This provision is set forth in full and with important exceptions as described in the Preliminary Prospectus Supplement. |
| **Enforcement Events and Remedies** | There are no events of default under the Preferred Securities. In addition, under the terms of the Indenture none of the cancellation or deemed cancellation of any Distribution (in whole or in part), a Trigger Event, a Capital Reduction or the exercise of the Spanish Bail-in Power or of any other resolution tool by the Relevant Spanish Resolution Authority, or BBVA's failure to provide notice in respect of any of the aforementioned events, will be an Enforcement Event. |

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|  | <br> The Preliminary Prospectus Supplement sets forth the definition of an "Enforcement Event".<br>The sole remedies of the holders of the Preferred Securities and the trustee under the Preferred Securities or the Indenture upon the occurrence of an Enforcement Event shall be: (i) with respect to a breach of a Performance Obligation, to seek enforcement of the relevant Performance Obligation; and (ii) with respect to a Liquidation Event, to enforce the entitlement set forth under "*Certain Terms of the Preferred Securities—Liquidation Distribution*" in the Preliminary Prospectus Supplement.<br>*No other remedies*<br>Other than the limited remedies mentioned above, no remedy against BBVA shall be available to the trustee (acting on behalf of the holders) or to the holders of the Preferred Securities. Refer to the Preliminary Prospectus Supplement for more details. |
| **Spanish Bail-in Power Acknowledgement** | By its acquisition of any Preferred Securities, each holder (which, for the purposes of the below, includes each holder of a beneficial interest in the Preferred Securities) acknowledges, accepts, consents to and agrees to be bound by: (i) the exercise and effects of the Spanish Bail-in Power by the Relevant Spanish Resolution Authority and (ii) the variation of the terms of the Preferred Securities, or the rights of the holders thereunder or under the Indenture, as deemed necessary by the Relevant Spanish Resolution Authority, to give effect to the exercise of the Spanish Bail-in Power by the Relevant Spanish Resolution Authority. See "*Certain Terms of the Preferred Securities—Agreement and Acknowledgment with Respect to the Exercise of the Spanish Bail-in Power*" in the Preliminary Prospectus Supplement. |
| **Settlement** | The Depository Trust Company and its participants, including Clearstream Banking S.A. and Euroclear Bank SA/NV |
| **Listing** | BBVA intends to apply to list the Preferred Securities on the New York Stock Exchange and, if approved, trading is expected to commence within 30 days after the initial delivery of the Preferred Securities. |
| **Joint Bookrunners** | Barclays Capital Inc.<br> BBVA Securities Inc.<br> BofA Securities, Inc.<br> BNP Paribas Securities Corp.<br> J.P. Morgan Securities LLC<br> TD Securities (USA) LLC<br> UBS Securities LLC  |

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| **Governing Law** | The laws of the State of New York applicable to agreements made or instruments entered into and, in each case, performed in said state, except that the authorization and execution by BBVA of the Indenture, the authorization, issuance and execution by BBVA of the Preferred Securities and provisions thereof relating to the subordination of the Preferred Securities, the waiver of the right of set-off and the agreements and acknowledgments by holders of Preferred Securities and the trustee, respectively, with respect to the exercise and effects of the Spanish Bail-in Power shall be governed by and construed in accordance with the common laws *(derecho común)* of Spain. |
| **Submission to Jurisdiction** | Except as provided in the immediately succeeding paragraph, BBVA will irrevocably submit to the non-exclusive jurisdiction of any U.S. federal or state court in the Borough of Manhattan, the City of New York, New York in any suit or proceeding arising out of or relating to the Preferred Securities or the Indenture, and will irrevocably waive, to the extent it may effectively do so, any objection BBVA may have now or hereafter to the laying of the venue of any such suit or proceeding.<br>Notwithstanding anything to the contrary in the Prospectus, the Preferred Securities or in the Indenture, the Spanish courts in the city of Madrid shall have exclusive jurisdiction in respect of any suit or proceeding arising out of or relating to the Preferred Securities or the Indenture arising out of, relating to or in connection with the exercise of the Spanish Bail-in Power by the Relevant Spanish Resolution Authority (a "Bail-in Dispute") and accordingly each of BBVA, the trustee, each holder and beneficial owner of any Preferred Securities and each agent will submit, to the extent it may effectively do so, to the exclusive jurisdiction of the Spanish courts in the city of Madrid in relation to any Bail-in Dispute. Each of BBVA, the trustee, each holder and beneficial owner of any Preferred Securities and each agent will further irrevocably waive, to the extent it may effectively do so, any objection to the Spanish courts in the city of Madrid on the grounds that they are an inconvenient or inappropriate forum in respect of any Bail-in Dispute. |

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| **Prohibitions and Restrictions on Offers and Sales** | The Preferred Securities are complex financial instruments and are not a suitable or appropriate investment for all investors. In particular, the Preferred Securities are not intended to be sold and shall not be sold to retail investors in any jurisdiction. The offer and sale of the Preferred Securities are subject to limitation as set out in the Prospectus.<br>The Preferred Securities shall not be sold to retail clients in the EEA and the United Kingdom.<br>In addition to the prohibition of sales to EEA and UK retail investors, there are restrictions on the offer, sale, distribution and transfer of the Preferred Securities in the EEA, the UK, Singapore, Hong Kong, Switzerland and Canada.<br>The Preferred Securities must not be offered, distributed or sold in Spain in the primary market. However, the Preferred Securities may be sold to Spanish resident investors in circumstances that satisfy the requirements set forth in the ruling 1500/04 of the Directorate General for Taxation (*Dirección General de Tributos*) of July 27, 2004.<br>No publicity of any kind as to the Preferred Securities shall be made in Spain. |
| **Target Market / PRIIPs / CCI / Retail Restriction** | MiFID II – professionals / ECPs-only / No EEA PRIIPs KID or UK CCI product summary / UK FCA Product Intervention restriction – Manufacturer target market (MiFID II product governance) is eligible counterparties and professional clients only (all distribution channels). No EEA PRIIPs key information document (KID) or product summary under the UK Financial Conduct Authority's Product Disclosure Sourcebook has been prepared as not available to retail investors in the EEA or in the United Kingdom. No sales to retail clients (as defined in MiFID II and the UK Financial Conduct Authority's Conduct of Business Sourcebook (COBS) 3.4) in the EEA or in the United Kingdom. Preferred Securities are incompatible with the knowledge, experience, needs, characteristics and objectives of clients which are retail clients. |
| **Conflicts of Interest** | BBVA Securities Inc., which is participating in this offering as a Joint Bookrunner, is a wholly-owned subsidiary of BBVA. The offering is being conducted pursuant to FINRA Rule 5121. |

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| **Trustee and Agents** | The Bank of New York Mellon, acting (except with respect to its role as Contingent Convertible Preferred Security Registrar) through its London Branch, will act as trustee, Paying and Conversion Agent, Calculation Agent, Principal Paying Agent and Contingent Convertible Preferred Security Registrar with respect to the Preferred Securities under, and as such terms are defined in, the Indenture. |
| **Use of Proceeds** | BBVA intends to use the net proceeds of the offering for general corporate purposes. |
| **Capitalization Table** | The amounts set forth in the BBVA's capitalization table on page S-62 of the Preliminary Prospectus Supplement, as of March 31, 2026, are updated as follows: |

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|:---|:---|:---|
|  | **As of March 31, 2026** | **As of March 31, 2026** |
|  | **Actual** | **As adjusted** |
|  | **(in millions of euros)** | **(in millions of euros)** |
|  **Outstanding indebtedness<sup>(1)</sup>** |  |  |
|  Short-term indebtedness<sup>(2)</sup> | 18665 | 18665 |
|  Long-term indebtedness | 75426 |  |
|  **Total indebtedness<sup>(3)</sup>** | 94090 |  |
|  **Stockholders' equity** |  |  |
|  Ordinary shares | 2761 | 2761 |
|  Ordinary shares held by consolidated companies | (540) | (540) |
|  Reserves | 72581 | 72581 |
|  Dividends |  |  |
|  Accumulated other comprehensive income | (18533) | (18533) |
|  **Total shareholders' equity** | **56269** | **56269** |
|  Preferred shares |  |  |
|  Non-controlling interest | 4534 | 4534 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Total capitalization and indebtedness** | **154893** |  |

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1) No third party has guaranteed any of the debt of the BBVA Group.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2) Includes all outstanding promissory notes and bonds, debentures and subordinated debt (including preferred
securities) with a remaining maturity of up to one year as of March 31, 2026.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(3) Approximately 8% of the BBVA Group's indebtedness was secured as of March 31, 2026.

**\*** **Any ratings obtained will reflect only the views of the respective rating agency and should not be considered a recommendation to buy, sell or hold the Preferred Securities. The ratings assigned by the rating agencies are subject to revision or withdrawal at any time by such rating agencies in their sole discretion. Each rating should be evaluated independently of any other rating.** 

**\*\*** **BBVA Securities Inc. is a wholly-owned subsidiary of BBVA. The offering is being conducted pursuant to FINRA Rule 5121. See "*Underwriting (Conflicts of Interest)*" in the Preliminary Prospectus Supplement.** 

**Pursuant to Rule 15c6-1 under the Exchange Act, trades in the secondary market are generally required to settle in one business day, unless the parties to any such trade expressly agree otherwise. Accordingly, purchasers who wish to trade the Preferred Securities prior to the business day prior to the delivery of the Preferred Securities hereunder will be required to specify alternative settlement arrangements to prevent a failed settlement. Such purchasers should consult their own advisers.** 

**BBVA has filed a registration statement (including a prospectus) with the U.S. Securities and Exchange Commission (SEC) for this offering. Before you invest, you should read the Prospectus for this offering in that registration statement, the Form 6-K of the Issuer submitted to the U.S. Securities and Exchange Commission on April 30, 2026, which contains certain information on the Issuer's financial condition and results of operations as of and for the three months ended March 31, 2026, and other documents BBVA has filed with the SEC for more complete information about BBVA and this offering. You may get these documents for free by searching the SEC online database (EDGAR<sup>®</sup>) at www.sec.gov. Alternatively, you may obtain a copy of the Prospectus from Barclays Capital Inc. by calling +1-888-603-5847, BBVA Securities Inc. by calling +1-800-422-8692, BofA Securities, Inc. by calling +1-800-294-1322, BNP Paribas Securities Corp. by calling +1-800-854-5674, J.P. Morgan Securities LLC by calling +1-212-834-4533, TD Securities (USA) LLC by calling 1-855-495-9846 and UBS Securities LLC by calling +1-833-481-0269.** 

**This term sheet is not a prospectus for the purposes of Regulation (EU) 2017/1129, as amended.**