Company: BBVXF
Filing Date: 2025-09-09
Form Type: 424B3
Source: 0001193125-25-198517
Chunk: 99

Company: BANCO BILBAO VIZCAYA ARGENTARIA, S.A.
Filing Date: 2025-09-09
Form: 424B3
Chunk 99
---
 of Banco Sabadell after June 30, 2025 (corresponding to €0.07                                                               
 per Banco Sabadell share and a total number of Banco Sabadell shares of 4,997 million, excluding all treasury shares of Banco Sabadell)                    |     |             |    (350 | ) |     |            |    (350 | ) |
| Execution of Banco Sabadell Share Buy-Back Programs (after June 30, 2025 and through August 1,                                                             
 2025 based on information published by Banco Sabadell on August 4, 2025)                                                                                   |     |             |    (362 | ) |     |            |    (362 | ) |
| Exchange offer cash consideration (corresponding to €0.70 per BBVA share and a total number                                                                
 of newly-issued BBVA shares of 905 million and 453 million to be issued under the Full Acquisition Scenario and the 50% Acceptance Scenario, respectively) |     |             |    (634 | ) |     |            |    (317 | ) |
| Combined pro forma total equity                                                                                                                            |     |             |  72,743 |   |     |            |  72,821 |   |

Notes on the pro forma adjustments to the combined unaudited condensed consolidated pro forma balance sheet as of June 30, 2025 for fair value:

| (a) | Fixed-income portfolios (included under “Financial assets at amortized cost”): |

Fixed-income portfolios at amortized cost include financial instruments that mostly correspond to level 1 in the fair value hierarchy, to the extent their fair value is directly observable in the market. Therefore, the 66

adjustment made in the table above is based on the fair value broken down in the condensed consolidated interim financial statements of Banco Sabadell as of and for the six months ended June 30, 2025. The adjustment to the fixed-income portfolios within financial assets at amortized cost if the exchange offer were completed under any of the Full Acquisition Scenario or the 50% Acceptance Scenario amounts to €(627) million. The fair value of these assets could fluctuate depending on the evolution of interest rates, the credit risk premium and any changes to the maturity of the instruments. Accordingly, the related adjustment ultimately made upon completion of the exchange offer could vary significantly.

| (b) | Tax impacts (included under “Other assets”): |

The adjustments described herein