Company: BBVXF
Filing Date: 2025-09-05
Form Type: 6-K
Source: 0001193125-25-196971
Chunk: 2

Company: BANCO BILBAO VIZCAYA ARGENTARIA, S.A.
Filing Date: 2025-09-05
Form: 6-K
Chunk 2
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 first year following the merger, with an improvement of around 5 7percent and a high return on investment (incremental ROIC 8over 20 percent). All this with a limited impact on the CET1 capital ratio of approximately -34basis points 9at the closing of the transaction, 3Considering BBVA undisturbed price (10.90 €/Sh. as of Apr 29, 2024, day before merger discussions were disclosed) at 4.83x share exchange ratio and 5,388 million shares. 4Considering 14.3 €Bn payment in BBVA shares with a price of €15.81 per share (Sept. 4, 2025), and 0.6 €Bn payment in cash plus Banco Sabadell’s shareholder remuneration distributed since the announcement of the tender offer (1.5 €Bn cash dividends and 1.0 €Bn share buybacks). 5Source: Equity analyst’s target prices published on the website of respective banks (1) Valuation gap upside/downside calculated as the difference between the stock price as of Sep 4, 2025 vs. the median of analyst’s updated target prices post 2Q’25 results. 6Subject to the condition set by the Spanish Council of Ministers, which can be extended by 2 years. 7Calculated based on fully implemented post-taxsynergies; a net profit of €1.6bn for Banco Sabadell and an average net profit for the 2025–2028 period of €12bn for BBVA. The number of shares of the combined entity assumes that (a) the €1bn share buyback announced by BBVA in April 2025 is executed after the completion of the Voluntary Public Offer; and (b) the capital generated from the sale of TSB and the extraordinary dividend is reinvested in shares of the combined entity. A 100% acceptance is assumed, with a BBVA share price of €15.81 (as of 4 September 2025). 8ROIC: ‘Return on Invested Capital’ calculated based on marginal net income including synergies fully phased-in post-taxfor BBVA shareholders in the numerator and capital consumption plus restructuring costs (post-tax)and capital expenditures (post-tax)in the denominator. This calculation also assumes the execution of a share buyback after the sale of TSB and the extraordinary dividend. Unless indicated otherwise, the metrics assume