Company: BBVXF
Filing Date: 2025-09-05
Form Type: 425
Source: 0001193125-25-197292
Chunk: 12

Company: BANCO BILBAO VIZCAYA ARGENTARIA, S.A.
Filing Date: 2025-09-05
Form: 425
Chunk 12
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 all is the 25% EPS accretion. Onur, I don’t know if you want to go further. A - Onur Genc I was going to highlight the 25% EPS upgrade. The 25% EPS upgrade for Sabadell shareholders, in our view, is the number to be looked into. And you ask whether the TSB sale affects -- no, the TSB sale is part of the bank. Whether it’s in the form of cash or in the form of the asset, it’s the same part of the bank. So it doesn’t affect the rationale of the transaction. It doesn’t affect the

2025-09-05 numbers. But the capital number, you also asked, Antonio, the capital, because if you take over TSB or the proceeds coming from TSB, there’s excess capital there, and it will be affecting the capital figures positively, obviously. A - Patricia Bueno Olalla Thank you very much, Antonio. Next question please.

| Operator |

Our next question comes from Benjamin Toms from RBC. Your line is open. Please go ahead.

| Q - Benjamin Toms                                                                                                                                                                                           
 Good morning everyone. Thank you for taking my question.                                                                                                                                                    
 It actually comes back to that capital point. On an ex-TSB sale basis, the old CET1 Day 1 expected impact was 51 basis points, I think, and now that’s fallen to 34 basis points and in both instances that 
 was assuming 100% take-up. Can you just give some color on why the CET1 impact has come down on an ex-TSB sale basis, please? Thank you.                                                                    |

A - Carlos Torres Vila Benjamin, ex-TSBas compared to the original versions that you are referring to, the 51 was the original number that you are referring to you would see it in the waterfall that the restructuring charges are now delayed. So the restructuring charges will not be accounted in the upfront capital impact because they are going to be coming in, as we also mentioned in the presentation, in 2029, that’s the base case that we have, that’s the key difference basically. A - Maria Luisa Gomez Bravo I would like to, sorry, I want to add a little bit of color onto the answer. I think the 51 basis points, as you mentioned correctly, is the last information that we provided in the F4. And primarily aside from what the owner was saying, there is an impact that we are not including in