Company: BBVXF
Filing Date: 2025-09-05
Form Type: F-4/A
Source: 0001193125-25-196513
Chunk: 231

Company: BANCO BILBAO VIZCAYA ARGENTARIA, S.A.
Filing Date: 2025-09-05
Form: F-4/A
Chunk 231
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 distribute to its shareholders, on an ongoing basis, any excess capital above what is required to maintain a 13% CET1 ratio (considering Basel IV). On July 23, 2024, Banco
Sabadell made public its decision to set the 2024 payout ratio at 60% of its net attributable profit.

On March 20, 2025, Banco
Sabadell’s general shareholders’ meeting approved a new shareholder remuneration policy. This new policy contemplates a payout ratio of between 40% and 60% of net attributable profit, payable in dividends or other forms of shareholder
remuneration (including share buy-backs). The policy also introduces the possibility of making capital distributions against Banco Sabadell’s reserves and/or share premium, not necessarily directly related to the results obtained by Banco
Sabadell (for example, in the case of being above Banco Sabadell’s CET1 ratio target). Additionally, the new policy contemplates the possibility of making extraordinary distributions above the annual pay-out ratio of between 40% and 60% of the
net profit attributable to Banco Sabadell or distributions against freely available reserves. Lastly, the new policy contemplates that the board of directors of Banco Sabadell may declare more than one interim dividend per financial year payable on
each of August 29 and December 29 of the relevant financial year. This policy is expected to apply through completion of the exchange offer, though it may be subsequently revisited by Banco Sabadell’s board of directors without the need for
approval by Banco Sabadell’s general shareholders’ meeting. Additionally, on July 1, 2025, Banco Sabadell published the TSB Sale Inside Information Notice, announcing, among other things, its decision to call an extraordinary general
shareholders’ meeting to approve the payment of the TSB Sale Dividend. The payment of the TSB Sale Dividend was approved by the extraordinary general shareholders’ meeting of Banco Sabadell on August 6, 2025.

BBVA intends to review Banco Sabadell’s shareholder remuneration policy following completion of the exchange offer and will consider the
promotion of any necessary changes in light of multiple factors that will need to be analyzed at that time, including, among other things, Banco Sabadell’s capital position, its expected increase in activity levels and profitability and profit
expectations. BBVA does not have any specific plans with respect to Banco Sabadell’s shareholder remuneration policy,