Company: BBVXF
Filing Date: 2025-08-12
Form Type: DRS
Source: 0000950123-25-007520
Chunk: 76

Company: BANCO BILBAO VIZCAYA ARGENTARIA, S.A.
Filing Date: 2025-08-12
Form: DRS
Chunk 76
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FRS-IASB, BBVA is not able to calculate the harmonization adjustments that would need to be applied to the consolidated financial information of Banco Sabadell as of any
date or for any period in order to make such information compliant with IFRS-IASB. Accordingly, BBVA has not made any harmonization adjustments to the consolidated financial information of Banco Sabadell as of any date or for any period to make such
information compliant with IFRS-IASB.

In addition, except for certain limited information set forth under “The Exchange
Offer—TSB Sale”, the pro forma financial information included in this offer to exchange/prospectus does not reflect any adjustments that could arise as a result of the TSB Sale, even though if the TSB Sale is consummated, TSB will,
following completion of the exchange offer, no longer be part of the BBVA Group nor contribute to the BBVA Group’s consolidated financial position and results of operations.

46

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.

As a result of the foregoing, the accompanying pro forma financial information may not
represent the historical financial information of the group as if the business combination had taken place.

BBVA may fail to fully realize the expected benefits and synergies of completing the exchange offer.

BBVA may fail to fully realize the expected benefits and
synergies of completing the exchange offer, including the substantial cost synergies described below, in the time, manner or amounts currently expected as a result of, among others, the following risks.

Risks associated with compliance with the Council of Ministers’ Authorization

On April 30, 2025, the CNMC issued a resolution authorizing the economic concentration resulting from completion of the exchange offer subject
to the CNMC Commitments. In accordance with the Spanish Competition Law, the CNMC’s resolution was communicated to the Spanish Minister of Economy, Trade and Business, who decided on May 27, 2025 to refer the CNMC’s resolution to the
Spanish Council of Ministers for review on the basis of general public interest. On June 24, 2025, the Spanish Council of Ministers authorized the economic concentration resulting from completion of the exchange offer pursuant to the Council of
Ministers’ Authorization. On June 30, 2025, BBVA publicly announced its decision not to