BBVA · Banco Bilbao Vizcaya Argentaria, S.A.

Banco Bilbao Vizcaya Argentaria, S.A. (BBVA) completed the issuance of $1,000,000,000 aggregate liquidation preference of Series 16 Non-Step-Up Non-Cumulative Contingent Convertible Perpetual Preferred Tier 1 Securities. The securities were issued under a base indenture dated July 31, 2025, as supplemented by a first supplemental indenture dated May 8, 2026. The offering was priced at 100.000% of the liquidation preference with a purchase price to underwriters of 99.200%. The securities carry a liquidation preference of $200,000 each and are perpetual with no stated maturity. Distributions are non-cumulative and payable quarterly on February 8, May 8, August 8, and November 8, commencing August 8, 2026. The initial distribution rate is 2.985% per annum over the 5-year U.S. Treasury rate, reset every five years starting May 8, 2033. The securities are convertible into BBVA ordinary shares under certain circumstances, with a floor price of $4.4014 per share. The securities are listed on the New York Stock Exchange. The underwriting syndicate includes Barclays Capital Inc., BBVA Securities Inc., BofA Securities, Inc., BNP Paribas Securities Corp., J.P. Morgan Securities LLC, TD Securities (USA) LLC, and UBS Securities LLC. BBVA Securities Inc. acted on a reasonable best efforts basis to procure purchasers. The securities are subject to selling restrictions and are not offered to retail investors in the EEA, UK, Spain, or Singapore. The issuance strengthens BBVA's Tier 1 capital base and provides long-term funding flexibility.