Company: BBVXF
Filing Date: 2025-09-05
Form Type: F-4/A
Source: 0001193125-25-196513
Chunk: 105

Company: BANCO BILBAO VIZCAYA ARGENTARIA, S.A.
Filing Date: 2025-09-05
Form: F-4/A
Chunk 105
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 BBVA Shares The sensitivity of goodwill/(negative goodwill), estimated in accordance with the assumptions and information described above, to a positive or negative variation of €0.50 in the BBVA share price is approximately +/- €450 million.

| • |     | Assuming a trading price of €10.24 per BBVA share (the weighted average price per BBVA share during the                                                                                                                                     
 three-month period prior to the publication of BBVA’s announcement of its intention to make the exchange offer) and taking into account the exchange offer cash consideration (resulting in an equivalent price per Banco Sabadell share of 
 €1.972 upon application of the exchange ratio of 5.5483), the difference between the consideration offered and total equity would generate negative goodwill (badwill) recognized in the income statement of approximately €(2,072)         
 million and €(1,036) million, in the event of completion of the exchange offer under the Full Acquisition Scenario and the 50% Acceptance Scenario, respectively.                                                                           |

70

| • |     | Assuming a trading price of €15.60 per BBVA share (corresponding to the closing price per BBVA                                                                                                                                                 
 share on September 1, 2025) and taking into account the exchange offer cash consideration (resulting in an equivalent price per Banco Sabadell share of €2.9378 upon application of the exchange ratio of 5.5483), the goodwill resulting from 
 completion of the exchange offer would be approximately €2,782 million and €1,391 million, in the event of completion of the exchange offer under the Full Acquisition Scenario and the 50% Acceptance Scenario, respectively.                 |

BBVA’s Ability to Consolidate Banco Sabadell’s Financial Position and Results of Operations Within the BBVA Group’s Consolidated Financial Statements BBVA’s ability to consolidate Banco Sabadell’s financial position and results of operations within the BBVA Group’s consolidated financial statements will depend on whether BBVA is considered to control Banco Sabadell following completion of the exchange offer, which in turn 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, including, among other things, participation levels in Banco Sabadell’s general shareholders’ meetings and changes in Banco Sabadell’s shareholder base. Even if BBVA acquires less than 50% of the voting rights in the share capital of Banco Sabadell upon completion of the exchange offer, BB