Company: BBVXF
Filing Date: 2025-09-05
Form Type: 425
Source: 0001193125-25-197292
Chunk: 17

Company: BANCO BILBAO VIZCAYA ARGENTARIA, S.A.
Filing Date: 2025-09-05
Form: 425
Chunk 17
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 you, Britta. Next question, please.

A - Carlos Torres Vila

So maybe just to be clear, sorry. So the hypothesis behind the way we have calculated those accretion numbers is that the only buyback
we are doing is the one coming from the dividend of TSB. But -- that’s it, right?

A - Onur Genc

Yeah.

2025-09-05

A - Carlos Torres Vila

Which does not mean that there will not be more buybacks. There will be. All the excess capital will be bought back. It’s just
that we’re not including that number into the accretion number.

A - Onur Genc

And the only other thing is the EUR1 billion that you have already.

A - Carlos Torres Vila

And the EUR1 billion that has already been.

A - Onur Genc

Approved and waiting to be done.

A - Carlos Torres Vila

Yeah, the one that we have had to wait until the end of the acceptance period. So that EUR1 billion which has already been.
It’s part of the distributions of last year’s profits actually. That one is already. It’s also included in the calculation.

A - Onur Genc

Yeah. You can find all these details, Britta, in the footnote of Page 21. You have it all. What is included and what is not.

A - Patricia Bueno Olalla

Thank you very much. So now, next question, please.

Operator

Our next question comes from Hugo Cruz from KBW. Your line is open. Please go ahead.

Q - Hugo Cruz

Hi. Hello. Thank you for the time. The slide with the synergies, perhaps I misunderstood something, but is it
realistic to assume a big increase between 2028 and 2029? It looks like you go from EUR235 million to EUR900 million of synergies. So, that jump, if I understood well, in just one year, it just seems too high. So I was wondering if you
could break up that jump into the various components? Thank you.

A - Onur Genc

Hugo, I’m not sure that I got the full question, but in the timeline, you see it. What we are seeing is the merger, the legal
merger is expected to happen at the end of 2028 or at the beginning of 2029. Immediately after the merger, again, different from the original