Company: BBVXF
Filing Date: 2025-09-09
Form Type: 424B3
Source: 0001193125-25-198517
Chunk: 95

Company: BANCO BILBAO VIZCAYA ARGENTARIA, S.A.
Filing Date: 2025-09-09
Form: 424B3
Chunk 95
---
 2025) is considered part of the pro forma adjustments, that is €634 million and €317 million in the event of completion of the exchange offer under the Full Acquisition Scenario and the 50% Acceptance Scenario,          
 respectively (€0.70 for each 5.5483 shares of Banco Sabadell). For purposes of preparing the pro forma financial information as of June 30, 2025, the estimated value of the capital increase in the event of completion of the exchange offer 
 under the Full Acquisition Scenario and the 50% Acceptance Scenario amounts to approximately €12,454 million and €6,227 million, respectively.                                                                                                 |

| • |     | On the other hand, the costs associated with the exchange offer or the cash payment corresponding to the 
 settlement of any fractional shares have not been considered, since they are not considered material.    |

| • |     | The pro forma financial information does not reflect any cost savings, financing synergies or restructuring costs                                                                                                                                        
 arising or resulting from the exchange offer that are expected to be realized in the future. Similarly, it does not reflect the possible impact of other adverse effects that could result from the exchange offer, including extraordinary taxes (for   
 example, levies against the banking sector), the termination of contracts or the loss of customers due to redundancies or weakening of brand loyalty. Costs expected to be incurred in connection with the acquisition of control of Banco Sabadell will 
 be accounted for when incurred.                                                                                                                                                                                                                          |

| • |     | No transactions or balances have been identified between BBVA and Banco Sabadell that could have a significant      
 impact on the pro forma financial information, therefore no elimination or adjustment of such nature has been made. |

| • |     | The exchange offer has been treated as an acquisition, with BBVA as the accounting acquirer and Banco Sabadell as                                                                                                                              
 the accounting acquiree. Therefore, the adjustments include the elimination of Banco Sabadell’s equity and the impact of the estimated value of the consideration that would be paid if the exchange offer were completed (i.e., the estimated 
 value of the capital increase).                                                                                                                                                                                                                |

| • |     | The exchange offer will generate certain legal, accounting and valuation costs and other professional fees, as 
 well as other costs for the registration and issuance of shares, which will be recorded in                     |

61

| accordance with IFRS 3 “Business Combinations”, IFRS 9 “Financial Instruments” and IAS 32 “