Company: BBVXF
Filing Date: 2025-09-05
Form Type: 425
Source: 0001193125-25-197292
Chunk: 2

Company: BANCO BILBAO VIZCAYA ARGENTARIA, S.A.
Filing Date: 2025-09-05
Form: 425
Chunk 2
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 EPS accretion for Sabadell shareholders. Each one of them individually now has the opportunity to decide over the next 30 days whether to accept our offer. We expect the acceptance period to begin next Monday, September 8 and to end on October 7. And now, I turn it over to Onur for a more thorough explanation after which we will take your questions.

| Onur Genc |

Thank you. Thank you, Carlos. Following the summary and the flow of Carlos, I will start with the first chapter of the presentation on Page 5, the reinforced strategic rationale, which we believe is even more convincing now since the announcement of the offer. On this page, first, at the top, we got engaged in this transaction because we wanted to consolidate the presence of two esteemed banks in a core European market, an attractive European market. This would enable us to serve our customers better as a more competitive market in our home market of Spain. Some of the latest contextual changes further improved the attractiveness of the Spanish market, thanks to the, as Carlos mentioned also, reignited focus of Europe and Spain in pushing for growth and in pushing for investments. There is also, as you see in some of the quotes on the page, a clear and growing consensus at European level that for Europe to grow, larger, more efficient, more competitive banks are needed. Second, on the page at the bottom, we have been insisting on this fact that the banking industry is in an era of accelerating technological disruption, particularly with digitalization, but now with AI and after new regulatory requirements for technological resilience, for cyber security, for data production like the regulation DORA, that are elevating technological expenses even further. For example, you see it on the page, our technology expenses in BBVA Spain, only in Spain, only in Spain, have already increased by 11% from 2023 to 2024 and have now exceeded the EUR1.1 billion level.

2025-09-05

As we also mentioned in the past, most of these costs are fixed costs, which implies that whether
you have 100 customers or 1,000 customers, you have to incur these high and growing expenses more or less at the same level. After this transaction, we don’t need to spend such high amounts twice to create the same functionalities, same
products as two different banks serving the same market.

Third, on Page 6, the next page, this transaction represents a combination of very complementary
businesses. Sabad