Company: BBVXF
Filing Date: 2025-08-12
Form Type: DRS
Source: 0000950123-25-007520
Chunk: 184

Company: BANCO BILBAO VIZCAYA ARGENTARIA, S.A.
Filing Date: 2025-08-12
Form: DRS
Chunk 184
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ell shares acquired pursuant to a Mandatory Tender Offer. Acquisition of control of Banco Sabadell 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Sabadell following completion of the exchange offer will depend on the number of Banco Sabadell shares tendered and not withdrawn in the exchange offer and other facts and circumstances existing at such time. 129

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 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 in the open market or otherwise in an unlimited amount and without giving rise to any obligation to make a further tender offer for any Banco Sabadell shares. There is no assurance that BBVA will eventually obtain control of Banco Sabadell if the exchange offer is completed following the waiver of the Minimum Acceptance Condition. Obtaining control of Banco Sabadell may take time. Until BBVA controls Banco Sabadell:

| • |     | BBVA may not be able to carry out any of its strategic plans with respect to Banco Sabadell; |

| • |     | BBVA may not realize any of the synergies it expects to realize following completion of the exchange offer; and |

| • |     | BBVA will not be able to consolidate the financial position and results of operations of Banco Sabadell within                                                                                                                                           
 its consolidated financial statements. Rather, BBVA will include the financial position and results of operations of Banco Sabadell in accordance with the relevant accounting criteria based on the percentage interest held by BBVA in Banco Sabadell, 
 pursuant to the equity method of accounting.                                                                                                                                                                                                             |

Based on Banco Sabadell’s shareholding structure as of the date of this offer to exchange/prospectus and taking into account the historical average of Banco Sabadell shares represented at Banco Sabadell’s general shareholders’ meetings over the past 10 years, BBVA believes it might be possible