SCHEDULE: BBVA Discloses 8.4% Stake in Polestar Automotive

Banco Bilbao Vizcaya Argentaria S.A. has reported an 8.4% beneficial ownership in Polestar Automotive Holding UK PLC's Class A American Depositary Shares.

Summary

• Banco Bilbao Vizcaya Argentaria S.A. (BBVA) has disclosed beneficial ownership of 7,755,946 Class A American Depositary Shares (ADSs) of Polestar Automotive Holding UK PLC.
• This stake represents 8.4% of the Class A ADSs, calculated based on 91,507,720 Class A ADSs and 996,419 Class B ADSs outstanding on December 23, 2025, assuming conversion of all Class B shares into Class A shares.
• BBVA holds sole voting and dispositive power over these 7,755,946 shares.
• BBVA has a put option arrangement with Geely Sweden Automotive Investment AB (GSAI), allowing BBVA to sell the ADSs to GSAI at a pre-determined price after a three-year term (extendable by one year) or upon certain events. GSAI also has the option for early settlement.

Sentiment

Score: 6

Explanation: The filing indicates a significant institutional investment, which is generally positive. However, the presence of a put option arrangement suggests the investor is managing risk, which slightly tempers the overall positive sentiment regarding a pure long-term conviction stake.

Positives

• A significant institutional investor, Banco Bilbao Vizcaya Argentaria S.A., has taken an 8.4% stake in Polestar Automotive Holding UK PLC, which can be interpreted as a vote of confidence in the company's prospects.

Negatives

• The presence of a put option arrangement with Geely Sweden Automotive Investment AB suggests that Banco Bilbao Vizcaya Argentaria S.A. is managing its risk exposure to Polestar shares, potentially indicating a desire to limit long-term downside rather than a pure conviction long-term hold.

Risks

• Banco Bilbao Vizcaya Argentaria S.A. has entered into a put option arrangement with Geely Sweden Automotive Investment AB (GSAI), which allows BBVA to sell its Class A ADSs to GSAI at a pre-determined price. This arrangement means a significant block of shares (8.4%) could be put back to GSAI, potentially leading to future changes in the shareholder structure or market dynamics if GSAI decides to offload them.

Future Outlook

The filing does not provide any forward-looking statements or guidance regarding Polestar Automotive Holding UK PLC's future performance or strategic direction.

Management Comments

• Banco Bilbao Vizcaya Argentaria S.A. certifies that the securities were not acquired and are not held for the purpose of or with the effect of changing or influencing the control of Polestar Automotive Holding UK PLC.

Industry Context

The disclosure of a major financial institution like Banco Bilbao Vizcaya Argentaria S.A. taking a significant stake in Polestar, an electric vehicle manufacturer, highlights the ongoing interest and investment flow into the EV sector. This could be seen as a strategic investment by BBVA, potentially aligning with broader trends of financial institutions diversifying their portfolios into high-growth, sustainability-focused industries, though the put option suggests a risk-mitigated approach.

Related Party Transactions

• Banco Bilbao Vizcaya Argentaria S.A. has a put option arrangement with Geely Sweden Automotive Investment AB (GSAI) regarding the Class A ADSs. Geely is a significant shareholder in Polestar, making this an arrangement with a party related to Polestar's control group.

Stakeholder Impact

• Shareholders may view the significant institutional investment by Banco Bilbao Vizcaya Argentaria S.A. as a positive signal of confidence in Polestar's long-term viability.
• The put option arrangement could be interpreted by some as the investor seeking to limit its long-term exposure, potentially influencing perception of the investor's conviction.

Key Dates

Keywords

Polestar, BBVA, Banco Bilbao Vizcaya Argentaria, Automotive, Electric Vehicles, EV, Schedule 13G, Institutional Ownership, ADS, Geely