Company: BBVXF
Filing Date: 2025-09-05
Form Type: 425
Source: 0001193125-25-196725
Chunk: 9

Company: BANCO BILBAO VIZCAYA ARGENTARIA, S.A.
Filing Date: 2025-09-05
Form: 425
Chunk 9
---
14 shareholder remuneration distributed since the announcement of the tender offer (1.5€Bn cash dividends and 1.0€Bn share buybacks).

HIGHLY ATTRACTIVE OFFER 4 Current Equivalent Value Represents Highest Valuation of Sabadell in More than a Decade Market Value of Banco Sabadell vs. BBVA Offer (€Bn, end of period) 1 2.5 2 14.9 Sabadell Shareholder remuneration since the announcement of the offer Value of BBVA Offer Market cap of Banco Sabadell Apr 29, Value of BBVA Offer 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024 Apr 29, Sep 4, 3 2024 2025 Source: Bloomberg. (1) Banco Sabadell’s shareholder remuneration distributed since the announcement of the tender offer (1.5€Bn cash dividends and 1.0€Bn share buybacks). (2) Considers 14.3€Bn payment in BBVA p. 15 p. 15 shares according to BBVA share price of € 15.81 per share (Sept 4, 2025), and 0.6€Bn and payment in cash. (3) Value of BBVA Offer has been calculated based on the Undisturbed Price as deﬁned in slides 10 and 14.

HIGHLY ATTRACTIVE OFFER 4 Premium Materially above Recent Tender Oﬀers in Banking Premium Offered at Announcement Premium Offered at Announcement 1 (over Undisturbed Price , %) (over VWAP 1 month, %) %3 42.0 % 30.0 % 2 % 2 19.6 17.8 % 2 14.8 % 2 % 13.3 % 2 % 2 % 11.4 11.4 11.1 % 9.3 6.3 % 0.5 4 BBVA offer was announced at a signiﬁcant premium compared to other unsolicited takeovers in Europe (c. 30 p.p. above average premium over VWAP 1 month) (1) For BBVA, at Undisturbed Price as deﬁned in slides 10 and 14. (2) Including price increases during the acceptance period