BBVA reports 4.7% Polestar (PSNY) stake in exit Schedule 13G/A

Rhea-AI Filing Summary

Banco Bilbao Vizcaya Argentaria S.A. (BBVA) reports beneficial ownership of 7,755,946 Class A American Depositary Shares of Polestar Automotive Holding UK PLC, representing 4.7% of the relevant class. Each Class A ADS represents 30 Class A ordinary shares.

BBVA has sole voting and dispositive power over all 7,755,946 ADSs and no shared power. The ownership percentage is based on 4,898,511,300 Class A shares in the form of 163,283,710 Class A ADSs and 29,892,570 Class B shares in the form of 996,419 Class B ADSs outstanding as of June 30, 2026, assuming conversion of Class B into Class A. BBVA has entered into a three-year put option, extendable by one year, with Geely Sweden Automotive Investment AB that permits BBVA to sell these ADSs at a pre-determined price under specified conditions. This is characterized as an exit filing because BBVA no longer beneficially owns more than five percent of any class of the issuer’s securities.

Key Figures

Beneficially owned ADSs: 7,755,946 Class A ADSs Ownership percentage: 4.7% ADS share ratio: 1 ADS = 30 Class A ordinary shares +3 more

6 metrics

Beneficially owned ADSs 7,755,946 Class A ADSs Reported amount beneficially owned by Banco Bilbao Vizcaya Argentaria S.A.

Ownership percentage 4.7% Percent of class of Polestar securities beneficially owned by BBVA

ADS share ratio 1 ADS = 30 Class A ordinary shares Each Class A ADS represents 30 Class A ordinary shares, par value $0.01

Class A shares outstanding 4,898,511,300 Class A shares In the form of 163,283,710 Class A ADSs outstanding on June 30, 2026

Class B shares outstanding 29,892,570 Class B shares In the form of 996,419 Class B ADSs, assumed convertible 1:1 into Class A

Put option term Three years, extendable by one year Term of BBVA’s put option with Geely Sweden Automotive Investment AB

Key Terms

beneficially owns, put option, Class A American Depositary Shares, sole dispositive power, +1 more

5 terms

beneficially owns financial

"no longer beneficially owns more than five percent of any class"

Beneficially owns means a person or entity enjoys the economic benefits and control of a security even if the legal title or registration is held in another name. Think of it like having the keys and profits from a car that is registered to a friend: you use it, benefit from it, and make decisions about it even though the official paperwork lists someone else. For investors, this matters because it reveals who truly controls shares, affects voting power, potential conflicts of interest, and regulatory disclosure obligations.

put option financial

"entered into a put option arrangement (the "Put Option") with Geely"

A put option is a financial contract that gives its holder the right, but not the obligation, to sell a specified quantity of a stock or other asset at a set price within a defined time. Think of it like insurance on an investment—if the asset’s market price falls, the put lets an investor lock in a higher sale price or profit from the decline, helping limit losses or speculate on downward moves.

Class A American Depositary Shares financial

"Title of class of securities: Class A American Depositary Shares"

sole dispositive power financial

"Sole Dispositive Power 7,755,946.00"

Sole dispositive power is the exclusive legal authority to decide what happens to a security — for example, whether to sell, transfer, or retain shares — without needing anyone else’s permission. Investors care because it signals who truly controls the economic outcome of an investment: like holding the only key to a safe, the holder can realize gains or losses and may trigger regulatory reporting, insider rules, or influence over corporate ownership.

exit filing regulatory

"This constitutes an exit filing for the Reporting Person"

FAQ

What percentage of Polestar (PSNY) does Banco Bilbao Vizcaya Argentaria S.A. currently report owning?

Banco Bilbao Vizcaya Argentaria S.A. reports beneficial ownership of 4.7% of Polestar’s relevant class of securities. This percentage is calculated using the issuer’s outstanding Class A and Class B share figures as of June 30, 2026, assuming Class B conversion.

How many Polestar (PSNY) ADSs does Banco Bilbao Vizcaya Argentaria S.A. hold?

Banco Bilbao Vizcaya Argentaria S.A. holds 7,755,946 Polestar Class A American Depositary Shares. The filing states BBVA has sole voting and sole dispositive power over all these ADSs, with no shared voting or shared dispositive power reported.

What does it mean that this is an exit filing for BBVA in Polestar (PSNY)?

The filing is described as an exit filing because BBVA no longer beneficially owns more than five percent of any class of Polestar’s securities. Its reported beneficial ownership is now 4.7%, below the 5% reporting threshold for large holders.

What is the put option between BBVA and Geely Sweden Automotive Investment AB regarding Polestar (PSNY) ADSs?

BBVA has a put option with Geely Sweden Automotive Investment AB covering its Polestar ADSs. The option has a three-year term, extendable by one year, and allows BBVA to sell the ADSs at a pre-determined price under certain conditions; Geely may also early settle.

How are Polestar (PSNY) Class A ADSs structured in terms of underlying shares?

Each Polestar Class A American Depositary Share represents 30 Class A ordinary shares, each with a par value of $0.01. BBVA’s 7,755,946 ADSs therefore correspond to a substantially larger number of underlying ordinary shares based on this ratio.

On what share counts is BBVA’s 4.7% ownership in Polestar (PSNY) based?

The 4.7% figure is based on 4,898,511,300 Class A shares in 163,283,710 Class A ADSs and 29,892,570 Class B shares in 996,419 Class B ADSs outstanding on June 30, 2026, assuming all Class B shares convert into Class A.

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Available on EDGAR 08/13/2026 - 06:06 AM Accepted by SEC EDGAR 08/13/2026 - 06:00 AM Learn about SEC filing dates

SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549

SCHEDULE 13G

UNDER THE SECURITIES EXCHANGE ACT OF 1934

(Amendment No. 1)

Polestar Automotive Holding UK PLC

(Name of Issuer)

Class A American Depositary Shares ("ADSs"), each Class A ADS representing 30 Class A Ordinary Shares, par value $0.01 each

(Title of Class of Securities)

731105409

(CUSIP Number)

06/30/2026

(Date of Event Which Requires Filing of this Statement)

Check the appropriate box to designate the rule pursuant to which this Schedule is filed:

Rule 13d-1(b)

Rule 13d-1(c)

Rule 13d-1(d)

schemaVersion:

SCHEDULE 13G

CUSIP Number(s): 731105409

1

Names of Reporting Persons

Banco Bilbao Vizcaya Argentaria S.A.

2

Check the appropriate box if a member of a Group (see instructions)

(a)
(b)

3

Sec Use Only

4

Citizenship or Place of Organization

SPAIN

Number of Shares Beneficially Owned by Each Reporting Person With:

5	Sole Voting Power 7,755,946.00
6	Shared Voting Power 0.00
7	Sole Dispositive Power 7,755,946.00
8	Shared Dispositive Power 0.00

9

Aggregate Amount Beneficially Owned by Each Reporting Person

7,755,946.00

10

Check box if the aggregate amount in row (9) excludes certain shares (See Instructions)

11

Percent of class represented by amount in row (9)

4.7 %

12

Type of Reporting Person (See Instructions)

FI

Comment for Type of Reporting Person: Note to Row 5 and 7: Each Class A ADS represents thirty (30) Class A Ordinary Shares, par value $0.01 each. Note to Row 9: The Reporting Person has entered into a put option arrangement (the "Put Option") with Geely Sweden Automotive Investment AB ("GSAI") with a term of three years, extendable by one year subject to mutual consent. The Put Option allows the Reporting Person to sell the Class A ADSs to GSAI at the end of the term at a pre-determined price or before the maturity date upon the occurrence of certain events. In addition, GSAI can choose to early settle the Put Option in certain circumstances. Note to Row 11: Based on (i) 4,898,511,300 Class A Shares in the form of 163,283,710 Class A ADSs and (ii) 29,892,570 Class B Shares in the form of 996,419 Class B ADSs outstanding on June 30, 2026, as disclosed by the Issuer. Each Class B Share is convertible into one Class A Share at any time at the option of the holder of such Class B Share. Assumes the conversion of the Class B Shares referred to above into Class A Shares. This constitutes an exit filing for the Reporting Person, as the Reporting Person no longer beneficially owns more than five percent of any class of securities of the Issuer.

SCHEDULE 13G

Item 1.
(a)	Name of issuer: Polestar Automotive Holding UK PLC
(b)	Address of issuer's principal executive offices: Assar Gabrielssons Vag 9, Gothenburg, Sweden 405 31
Item 2.
(a)	Name of person filing: Banco Bilbao Vizcaya Argentaria S.A. (the "Reporting Person")
(b)	Address or principal business office or, if none, residence: Calle Isabel Colbrand, 4, Madrid, Spain, 28050
(c)	Citizenship: Spain
(d)	Title of class of securities: Class A American Depositary Shares ("ADSs"), each Class A ADS representing 30 Class A Ordinary Shares, par value $0.01 each
(e)	CUSIP No.: 731105409
Item 3.	If this statement is filed pursuant to §§ 240.13d-1(b) or 240.13d-2(b) or (c), check whether the person filing is a:
(a)	Broker or dealer registered under section 15 of the Act (15 U.S.C. 78o);
(b)	Bank as defined in section 3(a)(6) of the Act (15 U.S.C. 78c);
(c)	Insurance company as defined in section 3(a)(19) of the Act (15 U.S.C. 78c);
(d)	Investment company registered under section 8 of the Investment Company Act of 1940 (15 U.S.C. 80a-8);
(e)	An investment adviser in accordance with § 240.13d-1(b)(1)(ii)(E);
(f)	An employee benefit plan or endowment fund in accordance with § 240.13d-1(b)(1)(ii)(F);
(g)	A parent holding company or control person in accordance with § 240.13d-1(b)(1)(ii)(G);
(h)	A savings associations as defined in Section 3(b) of the Federal Deposit Insurance Act (12 U.S.C. 1813);
(i)	A church plan that is excluded from the definition of an investment company under section 3(c)(14) of the Investment Company Act of 1940 (15 U.S.C. 80a-3);
(j)	A non-U.S. institution in accordance with § 240.13d-1(b)(1)(ii)(J). If filing as a non-U.S. institution in accordance with § 240.13d-1(b)(1)(ii)(J), please specify the type of institution:
(k)	Group, in accordance with Rule 240.13d-1(b)(1)(ii)(K).
Item 4.	Ownership
(a)	Amount beneficially owned: 7,755,946
(b)	Percent of class: 4.7%
(c)	Number of shares as to which the person has:
	(i) Sole power to vote or to direct the vote: 7,755,946
	(ii) Shared power to vote or to direct the vote: 0
	(iii) Sole power to dispose or to direct the disposition of: 7,755,946
	(iv) Shared power to dispose or to direct the disposition of: 0
Item 5.	Ownership of 5 Percent or Less of a Class.
	Ownership of 5 percent or less of a class
Item 6.	Ownership of more than 5 Percent on Behalf of Another Person.
	Not Applicable
Item 7.	Identification and Classification of the Subsidiary Which Acquired the Security Being Reported on by the Parent Holding Company or Control Person.
	Not Applicable
Item 8.	Identification and Classification of Members of the Group.
	Not Applicable
Item 9.	Notice of Dissolution of Group.
	Not Applicable

Item 10.

Certifications:

By signing below I certify that, to the best of my knowledge and belief, the securities referred to above were not acquired and are not held for the purpose of or with the effect of changing or influencing the control of the issuer of the securities and were not acquired and are not held in connection with or as a participant in any transaction having that purpose or effect, other than activities solely in connection with a nomination under § 240.14a-11.

SIGNATURE

After reasonable inquiry and to the best of my knowledge and belief, I certify that the information set forth in this statement is true, complete and correct.

Banco Bilbao Vizcaya Argentaria S.A.

Signature:	Fernando Antunez Garcia
Name/Title:	Authorised Signatory
Date:	08/13/2026