Company: BBVXF
Filing Date: 2025-09-09
Form Type: 424B3
Source: 0001193125-25-198517
Chunk: 153

Company: BANCO BILBAO VIZCAYA ARGENTARIA, S.A.
Filing Date: 2025-09-09
Form: 424B3
Chunk 153
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683 branch offices
within a proximity of less than 300 meters identified in the combined group network.

Additionally, BBVA estimates that following
consummation of a merger with Banco Sabadell financing cost savings would reach approximately €85 million annually before taxes, which savings are expected to be realized in accordance with the expected maturities of existing issuances of Banco
Sabadell and their renewal under BBVA’s financing conditions. These estimated financing cost savings could change as a result of changes in the ratings of BBVA and Banco Sabadell.

If the TSB Sale is consummated, BBVA estimates that the financing cost savings of approximately €85 million annually before taxes will
instead amount to approximately €65 million annually before taxes while operating cost savings would remain unchanged.

BBVA expects
to realize in full the estimated €920 million in annual savings (€900 million if the TSB Sale is consummated) described above in the first year after the merger with Banco Sabadell is consummated as it expects to be able to plan and
prepare their realization during the No-merger Period, which will allow for the estimated synergies to be realized from once the merger is consummated. These estimated annual savings would include the €250 million annual cost savings, or
€235 million annual costs savings if the TSB Sale is consummated, as applicable, described above under “—Estimated Synergies as a Result of the Acquisition of Control of Banco Sabadell”.

To achieve these cost savings, BBVA has estimated restructuring costs that include the closure of branch offices, personnel reductions,
severance costs and other necessary expenses for the integration of both entities, in each case considering BBVA’s experience in prior transactions.

The aggregate amount of these restructuring costs is estimated at approximately €1,390 million before taxes (which would be in
addition to the €60 million before taxes restructuring costs described under “—Estimated Synergies as a Result of the Acquisition of Control of Banco Sabadell”), which would be recorded in the income statement in the first
year once the restructuring plan has been approved by the corporate bodies of the resulting entity, once the merger is consummated. Additionally, BBVA estimates extraordinary expenses of €48 million per year before taxes for amortizations
for a period of five years following the consummation of the merger with Banco Sabadell, mainly from investments necessary to carry out the integration.

Additionally, with the information available to BBVA as of the date of this