Company: BBVXF
Filing Date: 2025-01-08
Form Type: 424B5
Source: 0001193125-25-003393
Chunk: 106

Company: BANCO BILBAO VIZCAYA ARGENTARIA, S.A.
Filing Date: 2025-01-08
Form: 424B5
Chunk 106
---
)                   |     |               |    336 |   |

S-67

Additionally, (i) BBVA’s total equity has been adjusted due to the dividend paid by BBVA on October 10, 2024, amounting to €1,671 million (corresponding to €0.29 multiplied by 5,763 million BBVA shares) and (ii) cash, cash balances in central banks and other demand deposits has been adjusted by the dividends paid by BBVA and the Target Company. Notes on the pro forma adjustments to the combined unaudited condensed consolidated pro forma balance sheet as of June 30, 2024 for fair value:

| (a) | Fixed-income portfolios (included under “Financial assets at amortized cost”): |

Fixed-income portfolios at amortized cost include financial instruments that mostly correspond to level 1 in the fair value hierarchy, to the extent their fair value is directly observable in the market. Therefore, the adjustment made in the table above is based on the fair value broken down in the condensed consolidated interim financial statements of the Target Company as of and for the six months ended June 30, 2024. The adjustment to financial assets at amortized cost in the event of an acquisition of 100% and 50.01% of Target Company shares amounts to €(1,304) million. The fair value of these assets could fluctuate depending on the evolution of interest rates, the credit risk premium and any changes to the maturity of the instruments. Accordingly, the related adjustment ultimately made upon completion of the Exchange Offer could vary significantly.

| (b) | Other intangible assets: |

BBVA has estimated an adjustment of €(1,376) million to the value of other intangible assets in the event of an acquisition of 100% and 50.01% of Target Company shares, mainly related to software in use by the Target Company in geographies in which BBVA already has a presence. The related adjustment ultimately made upon completion of the Exchange Offer could vary significantly once the necessary detailed analysis with respect to these assets is performed.

| (c) | Tax impacts: |

The adjustments described herein would result in corresponding tax impacts, calculated on the basis of the general corporate income tax rate currently in effect in Spain (30%). Broken down in the event of an acquisition of 100% and 50.01% of Target Company shares, the adjustment would be as follows: with respect to assets (included under “other assets”), fixed-income portfolio (€