Banco Bilbao Vizcaya Argentaria (BBVA) to redeem EUR 1,000 million green securities

Rhea-AI Filing Summary

Banco Bilbao Vizcaya Argentaria (BBVA) has decided to exercise its right to redeem early, in full, its green preferred securities contingently convertible into ordinary shares, issued on 15 July 2020 for a total of EUR 1,000 million. The redemption will take place on 15 January 2026, which is the First Reset Date under the securities’ terms, after obtaining prior consent from the regulator.

The redemption price is set at EUR 203,000 per preferred security, equal to the liquidation preference plus any accrued and unpaid distributions for the current period up to, but excluding, the redemption date, subject to the payment limitations in the original terms and conditions.

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 December, 2025

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 compliance with the Securities Market legislation, hereby proceeds to notify the following:

INSIDE INFORMATION

Pursuant to the terms and conditions of the issuance of green preferred securities contingently convertible into ordinary shares of BBVA, carried out by BBVA on 15 July 2020 for a total amount of EUR 1,000 million, with ISIN code ES0813211028 (the “Issuance”), and once the prior consent from the Regulator has been obtained, BBVA hereby announces its irrevocable decision to early redeem in whole the Issuance on 15 January 2026 (the “Redemption Date”), which coincides with the First Reset Date, as defined in the terms and conditions of the Issuance.

The Redemption Price per preferred security shall be EUR 203,000, which is equal to the Liquidation Preference plus the amount equal to any accrued and unpaid distributions for the then current distribution period to (but excluding) the Redemption Date, provided that it is not cancelled pursuant to the limitations on payment set out in the terms and conditions of the Issuance, and shall be paid in accordance with such terms and conditions.

Madrid, 17 December 2025

-S-1-

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: December 17, 2025	By: /s/ José María Caballero Cobacho
	Name: José María Caballero Cobacho
	Title: Global ALM Director

FAQ

What action did BBVA (BBVA) announce in this report?

BBVA announced its irrevocable decision to early redeem in whole an issuance of green preferred securities contingently convertible into ordinary shares, in line with the original terms and conditions.

What securities is BBVA (BBVA) redeeming and what was their size?

The bank is redeeming green preferred securities contingently convertible into ordinary shares of BBVA, issued on 15 July 2020 for a total amount of EUR 1,000 million, with ISIN code ES0813211028.

When is the redemption date for BBVAs green preferred securities?

The securities will be redeemed on 15 January 2026, which coincides with the First Reset Date defined in the issuance terms.

What is the redemption price per BBVA preferred security?

The redemption price per preferred security is EUR 203,000, equal to the liquidation preference plus any accrued and unpaid distributions for the current distribution period up to, but excluding, the redemption date, subject to the payment limitations in the issuance terms.

Did BBVA need regulatory approval for this early redemption?

Yes. BBVA states that, once prior consent from the Regulator had been obtained, it decided to proceed with the early redemption of the issuance.

Why does the redemption date coincide with the First Reset Date?

The redemption on 15 January 2026 is carried out in accordance with the original terms and conditions of the issuance, which allow early redemption on the First Reset Date.