Company: BBVXF
Filing Date: 2025-08-12
Form Type: DRS
Source: 0000950123-25-007520
Chunk: 115

Company: BANCO BILBAO VIZCAYA ARGENTARIA, S.A.
Filing Date: 2025-08-12
Form: DRS
Chunk 115
---
)                                                         |     |                                      |   (627 | ) |
| Of which: Financial liabilities at amortized cost (issuances)                                                       |     |                                      |   (421 | ) |
| Of which: Intangible assets (goodwill)                                                                              |     |                                      | (1,018 | ) |
| Of which: Provisions (contingencies)                                                                                |     |                                      |    (19 | ) |
| Of which: Tax effects (rest of adjustments)                                                                         |     |                                      |    320 |   |
| Resulting negative goodwill (badwill)                                                                               |     |                                      |    124 |   |

| (****) | Joint ventures and associates: |

Under a 30% Acceptance Scenario in which BBVA does not obtain control of Banco Sabadell upon completion of the exchange offer, “Joint ventures and associates” would reflect the estimated transaction cost of €3,717 million.

| (*****) | Total equity: |

As described in this offer to exchange/prospectus, an exchange ratio of one newly-issued BBVA share for each 5.5483 Banco Sabadell shares has been established for the exchange offer (adjusted, as the case may be, as described in this offer to exchange/prospectus). In the preparation of the pro forma financial information, the trading price of BBVA’s shares as of June 30, 2025 has been used as a main assumption in the determination of the cost of completing the exchange offer. See “—Impact of Other Potential Scenarios on the Pro Forma Financial Information—Sensitivity of Goodwill/(Negative Goodwill) to the Trading Price of the BBVA Shares” below. The number of BBVA shares to be issued in exchange for Banco Sabadell shares if the exchange offer were completed under the 30% Acceptance Scenario, at the aforementioned exchange ratio, would be 270 million BBVA shares with a par value of €0.49 each. Based on this maximum number of BBVA shares to be issued in the capital increase, the trading price of BBVA shares as of June 30, 2025 and the exchange offer cash consideration, the estimated cost of completing the exchange offer under the 30% Acceptance Scenario would amount to €3,717 million. The actual cost will vary depending on the trading price of BBVA shares upon the settlement of the exchange offer. The pro forma adjustments included in the combined unaudited condensed consolidated pro forma balance sheet, regardless of whether BBVA controls