Company: BBVXF
Filing Date: 2025-09-05
Form Type: 425
Source: 0001193125-25-196725
Chunk: 7

Company: BANCO BILBAO VIZCAYA ARGENTARIA, S.A.
Filing Date: 2025-09-05
Form: 425
Chunk 7
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 c.48 €Bn Cumulative Avg. 2025-2028 CAGR 2024-2028 2028 2025-2028 p. 11 p. 11 Note: BBVA standalone ﬁgures. Figures in 2Q´25 Results presentation.

SIGNIFICANT VALUE CREATION 3 Signiﬁcant Value Creation through Synergies which Have Been Upgraded 1 Increased Annual Synergies Post-Merger (pre-tax) +50€Mn vs. original plan 900 €Mn 835 €Mn 65 €Mn 510 €Mn 325 €Mn COST SYNERGIES FUNDING SYNERGIES Opex savings Personnel cost savings % 1.45 €Bn Equivalent to 13.5 3 restructuring costs (pre-tax) of Banco Sabadell ex-UK 2 c.96% Booked in the year of merger + BBVA Spain cost base (1) Assuming closing of the announced sale of TSB. (2) Considering 2Q’25 last twelve months cost base indexed according to expected inﬂation. (3) Additionally, 48 €Mn annual amortization of capital p. 12 p. 12 expenditures (pre-tax) will be booked over 5 years following the merger.

SIGNIFICANT VALUE CREATION 3 Fully Phased-in Synergies with One Year Delay Estimated Synergies and Restructuring Cost Timeline (Annual synergies pre-tax, 4 year phase-in process, €Mn) Fully phased-in synergies 26% 100% fully-phased synergies synergies 1 year delay vs. original 175 €Mn 60 €Mn scenario COST FUNDING SYNERGIES SYNERGIES 175 €Mn 235 €Mn 900 €Mn COST SYNERGIES COST & FUNDING SYNERGIES TOTAL SYNERGIES POST MERGER c. 1.4 €Bn restructuring costs 1 Merger PRE-MERGER PERIOD POST-MERGER 2026 2027 2028 2029 p. 13 p. 13 (1) Subject to the condition set by the Council of Ministers, which can be extended by 2 years.

HIGHLY ATTRACTIVE OFFER 4 More Attractive Oﬀer Today 1 % SHARES CASH SHARES Oﬀer Terms 13.6 subject