Company: BBVXF
Filing Date: 2025-09-05
Form Type: F-4/A
Source: 0001193125-25-196513
Chunk: 71

Company: BANCO BILBAO VIZCAYA ARGENTARIA, S.A.
Filing Date: 2025-09-05
Form: F-4/A
Chunk 71
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 with IFRS 3 as well as the estimated fair value of assets, liabilities and contingent liabilities
to be acquired are preliminary and subject to change, since they have been calculated following a preliminary analysis based on publicly-available financial information for the year ended December 31, 2024 and for the six months ended June 30,
2025.

Differences between the preliminary estimates included herein and the final acquisition accounting will likely occur, and
these differences could be material. The differences, if any, could have a material impact on the accompanying pro forma financial information. In accordance with paragraphs 45 and B67 of IFRS 3 “Business Combinations”, it is possible to
extend the valuation measurement period to one year from the date the transaction takes place.

Furthermore, given the absence of
information in Banco Sabadell’s consolidated financial statements as of and for the year ended December 31, 2024 and Banco Sabadell’s condensed consolidated interim financial statements as of and for the six months ended June 30,
2025 regarding the extent of macro hedging accounting that could potentially fail to comply with IFRS-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.

47

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,