Company: BBVXF
Filing Date: 2025-09-17
Form Type: 425
Source: 0001193125-25-205900
Chunk: 12

Company: BANCO BILBAO VIZCAYA ARGENTARIA, S.A.
Filing Date: 2025-09-17
Form: 425
Chunk 12
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’s dividend distribution on a standalone basis. Now, I’m sure many of your shareholders are going to be in the audience as well as the shareholders. What would you tell them here?

| [00:27:12 |     | - |     | 00:34:12] |

OG:First of all, I mean, you said Sabadell says these three things and so on. We never, ever wanted to be confrontational with Sabadell in this whole process. So I don’t want to be confrontational, even now, even more I wouldn’t want to. But you raised three topics. I will answer the three topics, not as a response to what they say, what we say. I don’t think it’s productive at all for no one. But I will talk to you about those three topics that you mentioned. But to start with, before the three topics. This is — a year ago or so, it has been quite a long time now, 16 months to get the approvals — but I called it a very straightforward transaction. Maybe I studied and I worked in the US, maybe it’s coming from that US background, but it’s a market consolidation. In other parts of the world, like in the US, nobody doubts about this transaction. It’s a straightforward transaction in an industry, as we keep saying, where the fixed costs are going up because technology costs are going up, and technology costs are mainly fixed costs because they are software development. We gave some of these numbers — and I mean, so many numbers are floating these days because we are live in the transaction — but very basic things. BBVA in Spain, we spend €1.1 billion every year, only in Spain, in technology. One third of our costs is technology. We don’t know the Sabadell number, but it’s something similar because they are a very large bank as well. Hundreds of millions of euros. €1.1 billion. Okay. Why do we have two different systems, two different applications to serve the same market? Why do we spend hundreds of millions of euros to develop two things to serve the same market? That is why we have estimated that the synergy of this transaction would be €900 million per year steady state. Is €900 million a big number? This is pre-tax,but some of that makes it in their plan in the future. They claim that they will be making €1.6 billion. €900 million is very large as compared to that. Why?