Company: BBVXF
Filing Date: 2025-09-05
Form Type: 425
Source: 0001193125-25-197292
Chunk: 16

Company: BANCO BILBAO VIZCAYA ARGENTARIA, S.A.
Filing Date: 2025-09-05
Form: 425
Chunk 16
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 % of the cost base, we were putting 13%, now it’s 13.5%. Not major change is a percentage. The cost base
of both banks have increased. As a result, there is a bit

2025-09-05

more coming from the base impact. And second, we have
re-looked into all the different levers on how to get those numbers, which slightly in real terms have increased those synergies from 750 to 835. 835, more 65 funding, 900 in total.

A - Carlos Torres Vila

Yeah, and regarding the offer, I think we were quite clear already in prior answers, and the latest one from Onur, regarding the fact
that the offer is a very attractive offer for the shareholders of Sabadell. It was already at the beginning and it continues to be with the evolution of values that we have seen in the market, and therefore we stand with the offer that’s on
the table which is the offer that we would like and we invite shareholders of Sabadell to accept. So, we see no reason to change that and that is why it remains the same offer as in the beginning which is valued at a much higher value now.

A - Patricia Bueno Olalla

Thank you very much, Carlos. Next question, please.

Operator

Our next question comes from Britta Schmidt from Autonomous Research. Your line is open. Please go ahead.

Q - Britta Schmidt

Yeah, hi, there, thank you for taking my question. Back on the capital, there’s a comment in the slide deck
that the proceeds of the TSB deal are expected to be reinvested in shares of the combined entity. Does that mean that you would devote these proceeds to share buybacks and that the 60 basis points of TSB sale accretion would be paid out instead of
accruing to capital and possibly generate a little bit more EPS accretion? Thank you.

A - Carlos Torres Vila

Well, I think you’re referring to the slide in which we calculate the accretion, in which we are using as an assumption.

A - Onur Genc

Yeah, that differential, what do we do with it? Basically, it’s part of the excess capital that’s going to accumulate on top
of the excess capital that we will have and, as we said also in July, we’ll return it back to the shareholders.

A - Patricia Bueno Olalla

Thank