Company: BBVXF
Filing Date: 2025-08-12
Form Type: DRS
Source: 0000950123-25-007520
Chunk: 67

Company: BANCO BILBAO VIZCAYA ARGENTARIA, S.A.
Filing Date: 2025-08-12
Form: DRS
Chunk 67
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 on the assumptions described under “The Exchange Offer—Certain Consequences of the Exchange Offer—Impact of the
Acquisition of Control of Banco Sabadell on the BBVA Group’s CET1 Ratio—50% Acceptance Scenario”, BBVA estimates that, if the exchange offer were accepted by holders of Banco Sabadell shares representing 30% of the share capital of
Banco Sabadell and the exchange offer were completed as a result of a waiver of the Minimum Acceptance Condition, and BBVA had control of Banco Sabadell upon completion of the exchange offer, the estimated impact on the CET1 ratio of the BBVA Group
as of June 30, 2025, on a fully-loaded basis, would have been a negative impact of 56 basis points. Based on the same such assumptions, but assuming instead that BBVA did not have control of Banco Sabadell upon completion of the exchange offer, the
estimated impact on the CET1 ratio of the BBVA Group as of June 30, 2025, on a fully-loaded basis, would have been a positive impact of 16 basis points. See “The Exchange Offer—Conditions to Completion of the Exchange Offer—Potential
Waiver by BBVA of the Minimum Acceptance Condition—Impact on the BBVA Group’s CET1 ratio”.

41

As confidentially submitted to the Securities and Exchange Commission on August 11, 2025. This Amendment No. 4 has not been publicly filed with the Securities and Exchange Commission and all information herein remains strictly confidential. If BBVA waives the Minimum Acceptance Condition and the exchange offer is completed, BBVA may not have control of Banco Sabadell immediately following completion of the exchange offer. If the Minimum Acceptance Condition is satisfied and the exchange offer is completed, BBVA will control Banco Sabadell following completion of the exchange offer. However, if the Minimum Acceptance Condition is waived and the exchange offer is completed, whether BBVA controls Banco Sabadell following completion of the exchange offer will depend on the number of Banco Sabadell shares tendered and not withdrawn in the exchange offer and other facts and circumstances existing at such time. If BBVA does not control Banco Sabadell immediately following completion of the exchange offer, it is possible that BBVA will subsequently obtain control of Banco Sabadell as a result of a Mandatory Tender Offer. In addition, following a Mandatory Tender Offer, BBVA will be permitted under Spanish law to acquire any untendered Banco Sabadell shares