Company: BBVXF
Filing Date: 2025-08-12
Form Type: DRS
Source: 0000950123-25-007520
Chunk: 244

Company: BANCO BILBAO VIZCAYA ARGENTARIA, S.A.
Filing Date: 2025-08-12
Form: DRS
Chunk 244
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 Sabadell on August 6, 2025.

BBVA intends to review Banco Sabadell’s shareholder remuneration policy following completion of the exchange offer and will consider the
promotion of any necessary changes in light of multiple factors that will need to be analyzed at that time, including, among other things, Banco Sabadell’s capital position, its expected increase in activity levels and profitability and profit
expectations. BBVA does not have any specific plans with respect to Banco Sabadell’s shareholder remuneration policy, which will be determined by BBVA only after its review of such remuneration policy. In this sense, the pay-out ratio of Banco
Sabadell’s shareholder remuneration policy following completion of the exchange offer could be the same as or lower or higher than Banco Sabadell’s shareholder remuneration policy as of the date of this offer to exchange/prospectus.

BBVA does not expect the foregoing to be affected by the CNMC Commitments or the Council of Ministers’ Authorization.

BBVA provides no assurance that the TSB Sale Dividend will actually be paid despite the approval of the extraordinary general
shareholders’ meeting of Banco Sabadell. As explained elsewhere in this offer to exchange/prospectus, the TSB Sale Dividend is subject to the consummation of the TSB Sale, which in turn, is subject to the satisfaction of certain closing
conditions. As a result, there is no certainty that such conditions will be

164

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.

satisfied and the TSB Sale consummated and, accordingly, there is no certainty that the TSB Sale Dividend will actually be paid. BBVA has not made any decision regarding any possible actions in
relation to the TSB Sale Dividend or regarding the exercise of other actions or alternatives that may be available to BBVA in connection with the TSB Sale Dividend, which will be analyzed in due course.

BBVA’s shareholder remuneration policy involves distributing between 40% and 50% of its consolidated net attributable profit annually,
combining cash dividends and buy-backs, and BBVA will remain committed to distributing in the medium-term any capital in excess of what is required to maintain a 12% CET1 ratio (subject to any restrictions imposed by, and the approval of,