BBVA updates MREL requirements, remains compliant

Rhea-AI Filing Summary

Banco Bilbao Vizcaya Argentaria (BBVA) received an updated decision from the Bank of Spain, on behalf of the Single Resolution Board, setting new Minimum Requirement for own funds and Eligible Liabilities (MREL) for its resolution group based on data as of December 31, 2024.

BBVA must maintain MREL equal to 23.94% of risk-weighted assets (RWAs) and 8.96% of total leverage exposure, with subordinated instruments covering 13.50% of RWAs and 5.56% of leverage exposure. A separate combined capital buffer of 3.72% of RWAs also applies. The bank states that its current capital and eligible liabilities structure already meets all these requirements.

Key Figures

MREL in RWAs: 23.94% of RWAs Subordination in RWAs: 13.50% of RWAs MREL in leverage exposure: 8.96% of total exposure +4 more

7 metrics

MREL in RWAs 23.94% of RWAs Minimum own funds and eligible liabilities requirement in risk-weighted assets

Subordination in RWAs 13.50% of RWAs Portion of MREL in RWAs that must be subordinated instruments

MREL in leverage exposure 8.96% of total exposure Minimum own funds and eligible liabilities based on leverage ratio exposure

Subordination in leverage exposure 5.56% of total exposure Portion of MREL in leverage terms that must be subordinated instruments

Combined capital buffer 3.72% of RWAs Additional capital buffer requirement for the resolution group

Risk-weighted assets 228,796 million euros RWAs of the resolution group as of December 31, 2024

Leverage exposure 527,804 million euros Total exposure used to calculate the leverage ratio as of December 31, 2024

Key Terms

Minimum Requirement for own funds and Eligible Liabilities, MREL, resolution group, Multiple Point of Entry, +2 more

6 terms

Minimum Requirement for own funds and Eligible Liabilities financial

"determination of its Minimum Requirement for own funds and Eligible Liabilities (“MREL”)"

MREL financial

"its Minimum Requirement for own funds and Eligible Liabilities (“MREL”), set by the Single Resolution Board"

Minimum Requirement for own funds and Eligible Liabilities (MREL) is a regulatory standard that forces banks to hold a buffer of capital and debt that can absorb losses or be written down if the bank fails. Think of it like a combined savings account and emergency loan line that regulators require so creditors and investors, rather than taxpayers, bear the cost when a bank gets into trouble. For investors, MREL influences how risky a bank’s bonds and shares appear and can affect debt pricing, recovery prospects in a failure, and the bank’s capacity to lend or return capital.

resolution group financial

"the total risk-weighted assets (“RWAs”) of its resolution group, on a sub consolidated level"

Multiple Point of Entry financial

"In accordance with the MPE resolution strategy (“Multiple Point of Entry”) of BBVA Group"

leverage ratio financial

"total exposure of its resolution group considered for the purposes of calculating the leverage ratio"

Leverage ratio measures how much a company relies on borrowed money compared with its own funds or assets, typically expressed as debt relative to equity or total assets. Like a homeowner with a mortgage, higher leverage can amplify returns when business is strong but also raises the chance of big losses or default if revenue falls, so investors use it to judge financial risk and resilience.

subordinated instruments financial

"should be met with subordinated instruments (the “subordination requirement in RWAs”)"

FAQ

AI-generated questions and answers. How Rhea-AI works. Not financial advice.

What new MREL requirements has BBVA (BBVA) received?

BBVA must keep own funds and eligible liabilities equal to 23.94% of its resolution group’s risk-weighted assets and 8.96% of its total leverage exposure. These requirements are set by the Single Resolution Board and apply from receipt of the latest communication.

How much of BBVA’s MREL must be in subordinated instruments?

Of the required 23.94% MREL in risk-weighted assets, 13.50% must be met with subordinated instruments. For the 8.96% leverage exposure MREL, 5.56% must be subordinated, strengthening loss-absorbing capacity in a potential resolution scenario.

Does BBVA currently comply with the updated MREL requirements?

Yes. BBVA states that the current structure of its own funds and eligible liabilities already complies with the MREL and subordination requirements, both in terms of risk-weighted assets and leverage exposure, for its designated resolution group.

What are BBVA’s risk-weighted assets and leverage exposure figures?

As of December 31, 2024, the resolution group’s risk-weighted assets were 228,796 million euros and the total exposure used to calculate the leverage ratio was 527,804 million euros. These figures are the base for computing the new MREL percentages.

What is the combined capital buffer applicable to BBVA’s resolution group?

The combined capital buffer requirement for BBVA’s resolution group stands at 3.72% of total risk-weighted assets. This buffer is separate from the MREL percentages and reflects regulatory and supervisory criteria currently applicable to the group.

Which entities are included in BBVA’s resolution group for MREL purposes?

Under the Multiple Point of Entry resolution strategy, the resolution group consists of Banco Bilbao Vizcaya Argentaria, S.A. and subsidiaries belonging to the same European resolution group. These entities together determine the RWAs and leverage exposure used for MREL.

AI-generated analysis. How Rhea-AI works. Not financial advice.

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Accepted by SEC EDGAR 04/15/2026 - 06:05 AM EDT Learn about SEC filing dates

UNITED STATES SECURITIES AND EXCHANGE

COMMISSION

WASHINGTON, D.C. 20549

FORM 6-K

REPORT OF FOREIGN ISSUER PURSUANT TO RULE 13a-16 OR 15d-16

UNDER THE SECURITIES EXCHANGE ACT OF 1934

For the month of April, 2026

Commission file number: 1-10110

BANCO BILBAO VIZCAYA ARGENTARIA, S.A.

(Exact name of Registrant as specified in its charter)

BANK BILBAO VIZCAYA ARGENTARIA, S.A.

(Translation of Registrant’s name into English)

Calle Azul 4,

28050 Madrid

Spain

(Address of principal executive offices)

Indicate by check mark whether the registrant files or will file annual reports under cover of Form 20-F or Form 40-F:

Form 20-F   X      Form 40-F

Indicate by check mark if the registrant is submitting the Form 6-K in paper as permitted by Regulation S-T Rule 101(b)(1):

Yes        No     X

Indicate by check mark if the registrant is submitting the Form 6-K in paper as permitted by Regulation S-T Rule 101(b)(7):

Yes        No     X

Banco Bilbao Vizcaya Argentaria, S.A. (“BBVA”), in accordance with the Securities Market legislation, hereby communicates the following:

OTHER RELEVANT INFORMATION

As of today, BBVA has received a new communication from the Bank of Spain regarding the determination of its Minimum Requirement for own funds and Eligible Liabilities (“MREL”), set by the Single Resolution Board (“SRB”), which is applicable from the date of its receipt and which has been calculated taking into account the financial and supervisory information as of December 31, 2024. This new communication repeals and supersedes the previous communication, which content was communicated to the market through an Other Relevant Information notice published on June 12, 2025 (with registration number 35268).

In accordance with the communication received, BBVA must keep a volume of own funds and eligible liabilities representing at least a 23.94% of the total risk-weighted assets (“RWAs”) of its resolution group, on a sub consolidated¹ level (the “MREL in RWAs”), of which 13.50% of the total RWAs of its resolution group should be met with subordinated instruments (the “subordination requirement in RWAs”).

Additionally, BBVA must keep a volume of own funds and eligible liabilities in terms of total exposure of its resolution group considered for the purposes of calculating the leverage ratio of the 8.96% (the “MREL in LR”), of which 5.56% in terms of total exposure of its resolution group considered for the purposes of calculating the leverage ratio should be fulfilled with subordinated instruments (the “subordination requirement in LR”).

The MREL in RWAs and the subordination requirement in RWAs do not include the combined capital buffer requirement applicable which, in accordance with current regulations and supervisory criteria, would stand at 3.72% of the total RWAs of its resolution group.

The current structure of own funds and eligible liabilities of the resolution group complies with the MREL in RWAs, with the MREL in LR, with the subordination requirement in RWAs and with the subordination requirement in LR.

Madrid, April 14, 2026

¹ In accordance with the MPE resolution strategy (“Multiple Point of Entry”) of BBVA Group, as established by the SRB, the resolution group consists of Banco Bilbao Vizcaya Argentaria, S.A. and subsidiaries belonging to the same European resolution group. As of December 31, 2024, the RWAs of the resolution group amounted to 228,796 million euros and the total exposure considered for calculating the leverage ratio amounted to 527,804 million euros.

SIGNATURE

Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.

				Banco Bilbao Vizcaya Argentaria, S.A.
Date: April 14, 2026				By:   /s/ Eduardo Ávila Zaragoza
				Name: Eduardo Ávila Zaragoza
				Title:   Head of supervisory relations