Company: BBVXF
Filing Date: 2025-09-08
Form Type: 425
Source: 0001193125-25-198316
Chunk: 18

Company: BANCO BILBAO VIZCAYA ARGENTARIA, S.A.
Filing Date: 2025-09-08
Form: 425
Chunk 18
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 the corporate structure of the Banco Sabadell group |

Following the settlement of the Offer, BBVA plans to carry out a detailed review and analysis of Sabadell Group’s corporate structure to identify possible measures to simplify and optimize this structure, respecting in any case the commitments agreed with the CNMC and the Condition of the Council of Ministers.

| 9.6.2. | Merger of BBVA and Banco Sabadell |

As indicated in section 9.1.1 above, once the Condition of the Council of Ministers ceases to be in force, BBVA intends to promote a merger by absorption of Banco Sabadell by BBVA, for which purpose it will take into account the circumstances existing at that time. The exchange ratio will be determined at the time of approval of the common merger project in accordance with the legally established criteria and must be validated by an independent expert appointed for this purpose by the Commercial Registry, in compliance with the applicable legal provisions.

| 9.7 | Shareholder remuneration policy |

| 9.7.1. | Banco Sabadell’s shareholder remuneration policy |

| (i) | Remuneration Policy |

Banco Sabadell has been paying cash dividends and, in addition, has implemented share buyback programs during 2023 and 2024. Previously, on May 6, 2024, Banco Sabadell announced its commitment to distribute to its shareholders, on a recurring basis, any excess capital above 13% of the CET1 ratio considering Basel IV. On June 23, 2024, Banco Sabadell made public its decision to set the 2024 payout ratio at 60% of its net attributable profit. Banco Sabadell has a new shareholder remuneration policy approved by its General Shareholders’ Meeting on March 20, 2025, that includes a pay-outratio of between 40% and 60% of attributable profit, which may be payable through dividends or other forms of shareholder remuneration (such as buyback programs). For more details on Banco Sabadell’s remuneration policy, see section IV.7.1 of the Prospectus. 11

This is an unofficial English translation for information purposes only of the offer announcement’s official version in Spanish. The National Securities Market Commission (Comisión Nacional del Mercado de Valores) did not review this version. In the event of any discrepancies between this document and the corresponding Spanish version, the Spanish version shall prevail.